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Sponsors
1 Co-sponsor
History
- Print number 788a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
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.
Increases income limitations and tax credits for real property tax circuit breaker credit
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the real property tax circuit breaker credit
Purpose
To increase income limitations and tax credits for real property tax circuit breaker credit and provide circuit breaker legislation to include disabled citizens with persons 65 years of age.
Summary of provisions
This legislation would increase household gross income to $36,000; increase property value limitation to the median full value of residential real property sales within the county where it is located or the median full value of residential real property in the State, whichever is less, and increase the monthly rent limitation to $800. It would increase the current limit on the maximum credit for senior citizens from $375 to $550 in two steps. The maximum credit for other eligible New Yorkers would be increased to $250 from $75. Disabled citizens would be eligible to receive circuit breaker tax credit along with senior citizens.
Justification
The real property tax circuit breaker program is a method of providing tax relief, in the form of a state income tax credit, to eligible homeowners and renters who pay a disproportional amount of property tax in relation to their household income. The burden of real property taxes have forced older citizens from their residences. They are forced to sell their homes because their fixed incomes cannot support the escalating real property taxes. The present circuit breaker legislation is inadequate to handle the crisis which exists for older citizens and disabled persons.
Legislative history
2013-14 S.2277A/A.2394; 2011-12 S.3324; 2009-10 S.3728/A.7589; 2007-08 S.3820/A.6624; 2005-06 S.2861A/A.6864; 2003-04 S.1837/A.4209; 2001-02 S.2974A/A.5683; 1999-00 S.2768/A.4895; 1997-98 S.2847A/A.4832; 1995-96 S.2489A/A.4121; 1994 S.6703A; 1993 S.5431; 1993 S.5431; 1991-92 S.748; 1989-90 S.7773
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately; provided however, that section two of this act shall take effect January 1, 2018.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.