Establishes a Co-STAR tax program for senior citizens

Section 2 of this bill amends Article 8 of Tax Law by adding a new section, 177-a, providing for Co-STAR Tax Rebates for senior. The amount of each such rebate shall equal three times the Co-STAR assessment associated with the parcel in question multiplied by the applicable county tax rate.

Section 3 of this bill dictates the processing of the Co-STAR assessments for senior citizens on the assessment roll. It directs the state board of real property services to identify the parcels which are receiving the enhanced STAR exemption, to ascertain the taxable assessed value for county purposes of each such parcel, and to forward such information to the department of taxation and finance, together with the maximum allowable Co-STAR assessments for each assessing unit.

Section 4 of this bill amends subsection ( e) of section 1310 of the Tax Law by re lettering it subsection (g), and adding a new subsection (h), which establishes a City Co-STAR credit.

For married individuals filing joint returns and for a surviving spouse, all of whom turn 65 years old on or before the close of the taxable year, the credit will equal $500 for taxable year 2016 and thereafter.

For all others-unmarried individual, head of household or married individual filing a separate return-all of whom turn 65 years old on or before the close of the taxable year, the credit will equal $500 for taxable year 2016 and thereafter.

Section 5 of this bill amends subdivision (c) of the administrative code of the city of New York, section 11-1706, as added by chapter 481 of the laws of 1997 by re lettering it to subdivision (g) and adding a new subdivision (h) which establishes a City Co-STAR credit.

For married individuals filing joint returns and for a surviving spouse, all of whom turn 65 years old on or before the close of the taxable year, the credit will equal $500 for taxable year 2015 and thereafter.

For all others-unmarried individual, head of household or married individual filing a separate return-all of whom turn 65 years old on or before the close of the taxable year, the credit will equal $250 for taxable year 2015 and thereafter.

Section 6 of this bill amends the state Finance Law by adding a new section, 85, which establishes a Co-STAR fund. This fund is under the custody of the commissioner of taxation and finance and shall consist of all monies credited or transferred from the general fund or any other fund or sources pursuant to law. The monies shall be available for payment of Co-STAR rebate checks that are issued and signed solely by the commissioner of taxation and finance.

Section 7 of this act shall take effect immediately, provided that section one of this act shall apply to assessment rolls filed in 2017, and that section two of this act shall apply to county fiscal years beginning in 2009 and thereafter.

Justification

Through the late 1990's the State of New York was committed to improving the economy and business climate of New York by cutting taxes by over $50 billion dollars. This continues that commitment to the individual taxpayer by reducing property taxes for seniors and farmers by way of a property tax rebate.

Legislative history

A new bill.

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately, provided that section one of this act shall apply to assessment rolls filed in 2017 and that section two of this act shall apply to county fiscal years beginning in 2018 and thereafter.