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- Referred to local government
Companion bill
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Repeals part A of chapter 60 of the laws of 2016, which provides for the transition of the school tax relief property tax exemption to a personal income tax credit
In Assembly Committee · Ways And Means · Sponsor Sandy Galef
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to repeal part A of chapter 60 of the laws of 2016 amending the real property tax law and the tax law relating to transitioning the school tax relief (STAR) exemption into a personal income tax credit, relating thereto
Purpose or general idea of bill
The purpose of this legislation is to repeal part A of chapter 60 of the laws of 2016, which provides for the transition of the school tax relief property tax exemption to a personal income tax credit.
Summary of specific provisions
Section 1. Part A of chapter 60 of the laws of 2016 amending the Real Property Tax Law and the Tax Law relating to transitioning the school tax relief (STAR) exemption into a personal income tax credit is REPEALED.
Section 2. Establishes the effective date.
Justification
The STAR program has historically been an exemption program, which provides homeowners with immediate school tax relief by reducing their school tax bills. Part A of Chapter 60 of the Laws of 2016 changed STAR to a personal income tax program for new homeowners. These homeowners will receive their full school tax bill, and then have to wait for a tax credit from the Department of Taxation and Finance. New formulas will be used to calculate the credit amounts for cooperatives and mobile homes, which could mean some homeowners receiving the personal income tax credit will receive a lesser benefit than their neighbors who are receiving. This legislation would keep STAR as an exemption program and allow future applicants to receive the same benefits in the same manner as current STAR recipients.
Prior legislative history
This is new legislation.
Fiscal implications
This legislation would eliminate the temporary cost savings of the conversion, which was estimated by the New York State Division of Budget to be about $100 million annually until full conversion was complete; however the savings attributable to the conversion would ultimately have been offset by lower income tax revenues to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.