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Sponsors
1 Co-sponsor
History
- Committee discharged and committed to rules
- Notice of committee consideration - requested
- Referred to investigations and government operations
- Print number 291a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to increasing the maximum real property tax circuit breaker tax credit
In Assembly Committee · Ways And Means · Sponsor Annette Robinson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S291A
Title of bill
An act to amend the tax law, in relation to increasing the maximum real property tax circuit breaker credit
Purpose
To enable elderly and moderate income homeowners and renters to receive a real property tax credit or rebate that is reflective of current living costs and trends. The "circuit breaker" credit has not been increased since 1987.
Summary of provisions
In accordance with various provisions of the state tax law, the bill doubles the allowable "circuit breaker" tax credit for homeowners and renters.
Justification
Tax credits or rebates are provided to homeowners and renters who are paying a disproportionate amount on housing expenses in relation to their household income. The current tax credit/rebate is not proportionate to existing cost of living expenses, as it has not been increased since 1987. Individuals may file for a "circuit breaker" credit on their annual income Tax Form IT-2l4, and may also qualify for a rebate without paying income tax.
Legislative history
2010: S.4154 - Died in Committee 2008: S.4774 - Died in Committee 2006: S.7470 - Died in Committee
Fiscal implications
This measure reduces state revenues by approximately $32 million annually.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.