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Sponsors
1 Co-sponsor
History
- Referred to aging
- Referred to aging
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4346
Title of bill
An act to amend the real property tax law, in relation to excluding social security income from computing tax exemptions for persons sixty-five years of age or over
Purpose or general idea of bill
This bill would exclude social security benefits when determining the gross income figure to be used in applications for exemption from real property taxes.
Summary of specific provisions
Section 1 amends section 467 of the real Property tax law by removing social security payments from the list currently considered income when determining eligibility for the real property tax exemption.
Justification
The receipt of social security benefits represents to many senior citizens a return of monies they contributed to the program during their working years. New York should not penalize seniors receiving those benefits by factoring their existence into the formula used to determine exemption eligibility. This legislation addresses this inequity by removing social security benefits from the income calculation formula.
Prior legislative history
2009-10: A. 7279-B, Referred to Aging Committee 2007-08: A. 6882, Held for Consideration in Aging Committee 2005-06: A. 3378, Held for Consideration in Aging Committee 2003-04: A. 6650, Held for Consideration in Aging Committee 2001-02: A. 5456, Held for Consideration in Aging Committee 1999-00: A. 6729, Held for Consideration in Aging Committee 1997-98: A. 4990, Held for Consideration in Aging Committee
Fiscal implications
None at the state level. Local governments would experience a slight increase in the number of exemptions as a result of lowered specification for gross income.
Effective date
This act shall take effect on the second of January next succeeding the date on which it has become law, and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on and after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.