What's happening
This bill changes the property value limit for qualifying for the real property tax circuit breaker credit to the greater of $85,000 or the local median sales price.
Why it matters
Expands eligibility for the circuit breaker tax credit. by raising the property value cap to reflect local housing prices, potentially allowing more homeowners in high-cost areas to qualify.
Acknowledges regional disparities in property values. across New York, making the tax relief program fairer for people living in counties where even modest homes often exceed the previous $85,000 threshold.
May increase the number of lower- and middle-income homeowners who benefit. , especially in downstate or urban areas where median home prices are much higher than the old cap, providing more targeted property tax relief.
Could have a fiscal impact on state revenues. if more taxpayers qualify for the credit, potentially affecting state budget considerations or funding for other programs.
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Who cares
Headline styles
Expand Property Tax Credits
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to aging
- Referred to aging
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2111
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Aging
AN ACT to amend the tax law, in relation to the determination of the value of real estate for purposes of qualifying for the personal income tax real property tax circuit breaker credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (C) of paragraph 7 of subsection (e) of section 606 of the tax law, as amended by chapter 28 of the laws of 1987, is amended to read as follows:
(C) To a property owner who owns real property, the full value of which exceeds eighty-five thousand dollars or the median sales price of real property in the county in which the real property is located, whichever is greater, as determined by the commissioner.
§ 2. This act shall take effect immediately and shall apply to taxable years commencing on or after January 1, 2019.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05080-01-9
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.