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History
- Referred to veterans, homeland security and military affairs
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7421 REVISED 06/07/12
Title of bill
An act to amend the real property tax law, in relation to authorizing municipalities to establish a property tax credit for the first taxable year in which an alternative veterans exemption is granted
Purpose
To authorize municipalities to grant a real property tax credit during the first year a veteran becomes eligible for the alternative veterans real property tax exemption.
Summary of provisions
Section 1 of the bill adds a new paragraph (c-1) to subdivision 2 of section 458-a of the real property tax law to authorize counties, towns and villages to, at local option, provide a real property tax credit applicable during the first year in which qualifying residential real property becomes exempt. Such credit shall not exceed two hundred fifty dollars from each entity, or seven hundred fifty dollars in total.
Justification
New York State Real Property Tax Law authorizes counties, towns and villages to offer an "Alternative Veterans Exemption" whereby qualified veterans are given a property tax exemption ranging from 15-50% of their primary property's non-school property taxes. Unfortunately, because of constraints within the Real Property Tax Law, a veteran will be forced to wait between nine and 21 months to get the financial benefit of the exemption for which he or she is qualified. In addition to placing their physical health in jeopardy, military service also places a significant financial strain on a service member and their family. Allowing this credit in the first year a veteran becomes eligible for the alternative veterans real property tax exemption would lessen the financial burden caused by the significant waiting period.
Legislative history
New bill.
Fiscal implications
None to state.
Local fiscal implications
None imposed, as the decision to offer this credit is at local option.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.