What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
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 the definition of income for the purposes of the private housing finance law
In Assembly Committee · Housing · Sponsor Victor M. Pichardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1358
Title of bill
An act to amend the private housing finance law, in relation to the definition of income
Summary
This bill would amend subdivision 29 of Section 2 of the Private Housing Finance Law to specifically provide that an individual's first $20,000 worth of Social Security and retirement benefits will not be included in the definition of "income".
Justification
The Federal Social Security Act amendments of 1983 provide that, for many retirees, a substantial portion of their social security benefits will be subject to federal income taxation for years beginning with 1984. These benefits have historically not been considered as "income", for purposes of the Private Housing Finance Law and should not be so treated now. This bill would ensure that these benefits will not be included in the computation of "annual income", which is used for determining eligibility and surcharges for Mitchell-Lama residents.
Legislative history
2012: S.2039 (Kruger)
Fiscal implications
None to the State.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.