Assembly Bill A1941

2013-2014 Legislative Session

Establishes a personal income tax credit for portion of residential real property taxes which exceeds a certain percentage of the household gross income

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A1941 (ACTIVE) - Details

See Senate Version of this Bill:
S1002
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7094, S253
2011-2012: A877, S137
2015-2016: A5285, S619

2013-A1941 (ACTIVE) - Summary

Establishes a personal income tax credit for a portion of a taxpayer's residential real property taxes which exceeds a certain percentage of the taxpayer's household gross income; provides that the taxpayer shall have resided in such residential real property for not less than 5 years; provides that such credit shall not apply to taxpayers who have claimed the real property tax circuit breaker credit during the taxable year.

2013-A1941 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1941

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M. of A. GALEF, PAULIN, CAHILL, GUNTHER, JAFFEE, LIFTON,
  RIVERA, ZEBROWSKI, SCHIMEL, KOLB, FINCH, GIGLIO, McDONOUGH  --  Multi-
  Sponsored  by -- M. of A.  BARCLAY, CORWIN, DUPREY, GABRYSZAK, HAWLEY,
  JORDAN, RABBITT, RAIA, SALADINO, SCARBOROUGH, SWEENEY, THIELE --  read
  once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to the school district property
  tax  credit  and  establishing  the maximum residential real property,
  personal income tax credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.    Subparagraph  (E)  of  paragraph 1 of subsection (e) of
section 606 of the tax law, as amended by chapter 105  of  the  laws  of
2006, is amended to read as follows:
  (E)  "Qualifying  real  property taxes" means all real property taxes,
special ad valorem levies and special assessments, exclusive  of  penal-
ties  and  interest, levied on the residence of a qualified taxpayer and
paid during the taxable year [less the credit claimed  under  subsection
(n-1)  of  this section]. In addition, for taxable years beginning after
December thirty-first, nineteen hundred eighty-four, a qualified taxpay-
er may elect to include any  additional  amount  that  would  have  been
levied in the absence of an exemption from real property taxation pursu-
ant to section four hundred sixty-seven of the real property tax law. If
tenant-stockholders  in  a  cooperative housing corporation have met the
requirements of section two hundred sixteen of the internal revenue code
by which they are allowed a deduction for real estate taxes, the  amount
of  taxes  so allowable, or which would be allowable if the taxpayer had
filed returns on a cash basis, shall be qualifying real property  taxes.
If  a  residence is owned by two or more individuals as joint tenants or
tenants in common, and one or more than one individual is not  a  member
of  the  household,  qualifying real property taxes is that part of such

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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