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History
- Referred to investigations and government operations
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing a residential real property tax credit
Purpose
To establish a property tax credit for New Yorkers
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (ccc); paragraph 2 of subsection (bbb) of section 606 of the tax law, as added by section 1 of part FF of chapter 59 of the laws of 2014, is amended; paragraph 2 of subsection (bbb) of section 606 of the tax law is amended by adding two new subparagraphs (H) and(I); and paragraph 3 of subsection (bbb) of section 606 of the tax law is amended by adding a new subparagraph (D).
Justification
New Yorkers pay some of the highest property taxes in the country-a substantial burden for many homeowners across the state. With so many homeowners struggling to make ends meet, we can do more to alleviate the property tax burden New Yorkers face. Now could not be a better time, as New York State has billions of dollars in general reserve and has made billions more through a series of windfall settlements with big banks. Using some of this money to provide homeowners with a property tax credit will go a long way in relieving the stress of sky-high property taxes.
This property tax credit will go to homeowners who meet the threshold of total household income, and will provide up to 50% or $2,500 in credits for property taxes in excess of a certain percentage of that household income.
*Families with a household income of $100,000 or less will receive a 50% credit on property taxes in excess of 6% of their household income (up to $2,500) *Families with a household income of between $100,000 and $175,000 will receive a 50% credit on property taxes in excess of 7% of their household income (up to $2,500) *Families with a household income of between $175,000 and $250,000 will receive a 50% credit on property taxes in excess of 8% of their household income (up to $2,500)
Finally, any family with a household income that falls within one of these brackets that pays 10% or more of their household income in property taxes can also claim their property tax freeze credit, if eligible-all families paying 9% or less of their household income will not be able to claim both credits. This will be coupled with a call to renew the property tax freeze credit for both school districts and local governments, which expire this year.
Legislative history
New bill
Fiscal implications
This proposal will cost approximately $2.5 billion and will provide a tax credit to millions of eligible families.
Effective date
January lst next succeeding the date on which it becomes law and will apply to taxable years commencing on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.