What's happening
This bill excludes up to $20,000 of Social Security and retirement benefits from the income calculation for certain housing programs.
Why it matters
Reduces reported income for housing assistance eligibility. by allowing up to $20,000 of Social Security and retirement benefits to be excluded from annual income calculations, which could make more seniors and retirees eligible for housing programs or increase their benefits.
Targets relief to those with fixed incomes. , particularly benefitting older adults or disabled individuals who rely heavily on Social Security or pensions, helping them better afford housing as costs rise.
May impact funding and demand for subsidized housing programs. by potentially increasing the pool of eligible applicants, which could affect waiting lists, resource allocation, and program budgets at the state and local level.
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Who cares
Housing residents receiving retirement benefits
The bill would exclude up to $20,000 in Social Security and retirement benefits included in taxable income when calculating income under the specified Private Housing Finance Law articles.
Social Security recipients in Article Eight housing
The new deduction would apply to their taxable benefits, while the existing exclusion for federal old age, survivors and disability insurance benefits in Articles Two, Four and Eleven would remain.
Housing companies and administering agencies
They would need to apply the revised income definition when computing probable aggregate annual income under Articles Two, Four, Eight and Eleven.
Headline styles
Exclude Some Benefits from Income
Plain English, a few words. Used as the page title.
Sponsors
4 Co-sponsors
History
- Referred to housing
- Referred to housing
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.
Exclude Retirement Income from Housing
In Senate Committee · Housing, Construction And Community Development · Sponsor Gustavo Rivera
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2027
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. PICHARDO -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to the definition of income
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 29 of section 2 of the private housing finance law, as amended by chapter 280 of the laws of 1987, is amended to read as follows:
29. "Annual income" or "income". The total income as reported in the New York state income tax return, less such personal exemptions and deductions for medical expenses as are actually taken by the taxpayer and less social security and retirement benefits received and included in taxable income but not in excess of twenty thousand dollars. Provided, however, that federal old age, survivors, and disability insurance benefits shall not be deemed income in articles two, four and eleven of this chapter. This definition shall be employed in articles two, four, eight and eleven of this chapter in the computation of "probable aggregate annual income" as therein defined.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05473-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.