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Sponsors
No co-sponsors yet.
History
- Print number 5461a
- Amend and recommit to local government
- Referred to local government
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1250
- Referred to local government
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 notifying recipients of STAR exemptions of statutory limits on savings increases in STAR exemption statements
In Assembly Committee · Ways And Means · Sponsor John T. McDonald III
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to STAR exemption statements
Purpose or general idea of bill
To notify recipients of the STAR exemption statutory two percent limit on savings increases in STAR exemption statements.
Summary of specific provisions
Section 1 amends the real property tax law to include a statement on tax bills that will notify recipients of the STAR exemption that the tax savings amount may be lower than the value of the certified STAR Exemption indicates, due to the statutory two percent limit on STAR savings increases.
Section 2 provides the effective date.
Justification
This legislation is intended to clarify actual tax savings and exemption under the New York state school tax relief (STAR) program. In 2011-12, the STAR savings was capped at two percent of the prior year's actual dollars saved. However, the STAR exemption continues to go through its regular exemption calculation. These two formulas, STAR savings and STAR exemption, do not get you to the same end result.
Current legislation mandates disclosure of tax savings amount. Due to the statutory two percent limit on STAR savings increases; tax savings amount may be lower than the value of the certified STAR Exemption. The proposed legislation will require that a statement be included on the tax bill that indicates the statutory limit on STAR savings increases which mirrors language provided by the New York State Department of Taxation and Finance.
Prior legislative history
S.5461 (2015) 3rd reading.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall apply to tax years beginning on and after 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.