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History
- Substituted by A9744
- Ordered to third reading cal.1677
- Committee discharged and committed to rules
- Referred to aging
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 tax abatements and exemptions for rent regulated apartments occupied by persons with disabilities
Signed by Governor · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7640
Title of bill
An act to amend the real property tax law, in relation to the tax abatement and exemption for rent regulated and rent controlled property occupied by persons with disabilities; and providing for the repeal of certain provisions upon expiration thereof
Purpose
To raise the income limit for households eligible for the Disability Rent Increase Exemption (DRIE) program to the same limit that applies to households eligible for the Senior Citizen Rent Increase Exemption (SCRIE) program, as recently adjusted in the budget enacted for fiscal year 2014-2015.
Summary of specific provisions
Sections one, two, and three of the bill amend sections 467-b and 467-c of the Real Property Tax law to provide that the income limit for persons with disabilities in the DRIE program is $50,000, beginning July 1, 2014, as may be provided by local law, ordinance or resolution-the same income limit that applies to senior citizens in the SCRIE program. Section four sets forth the effective date, again in a manner consistent with comparable provisions applicable to SCRIE.
Justification
In 2005, the Legislature acted to expand the SCRIE program to include New Yorkers with disabilities and established the DRIE program. SCRIE and DRIE freeze rents for seniors and people with disabilities, respectively, living in rent-regulated housing with low incomes paying one-third or more of their income for rent. Landlords are compensated for the full amount of the foregone rent through refundable real property tax abatements.
DRIE is designed to work the same way as SCRIE, however the income limit for SCRIE was raised to $50,000 per year as part of the fiscal year 2014-2015 enacted budget, and DRIE households were not included in the new income limit. This bill remedies that oversight, makes the income limit for DRIE eligibility identical to that of SCRIE, and simplifies DRIE eligibility determinations by applying a single income threshold, regardless of household size.
Legislative history
New bill
Fiscal implications
None for the state. Localities that choose to enact the higher income limit are projected to increase tax expenditure costs for the program by roughly one percent in the two years the new limit would be authorized by this bill.
Effective date
This act shall take effect July 1, 2014 provided, however that: (a) the amendments to paragraph b of subdivision 3 of section 467-b of the real property tax law made by section one of this act shall be subject to the expiration and reversion of such subdivision pursuant to section 17 of chapter 576 of the laws of 1974, as amended, when upon such date the provisions of section two of this act shall take effect; and (b) nothing contained in this act shall be construed so as to extend the provisions of this act beyond July 1, 2016, when upon such date this act shall expire and the provisions contained in this act shall be deemed repealed.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.