Increases the maximum real property tax circuit breaker tax credit.
Sponsor: Robinson (MS) / Multi-sponsor(s): Amedore, Ceretto, Crouch, Gabryszak, Sayward, Sweeney, Thiele / Co-sponsor(s): Colton, Stevenson, Gibson, Jaffee, Weprin
Law Section: Tax Law / Law: Amd S606, Tax L
Sponsor: Robinson (MS) / Multi-sponsor(s): Amedore, Ceretto, Crouch, Gabryszak, Sayward, Sweeney, Thiele / Co-sponsor(s): Colton, Stevenson, Gibson, Jaffee, Weprin
Law Section: Tax Law / Law: Amd S606, Tax L
A3979-2011 Actions
- Jun 19, 2012: held for consideration in ways and means
- Jan 4, 2012: print number 3979a
- Jan 4, 2012: amend and recommit to ways and means
- Jan 4, 2012: referred to ways and means
- Jan 31, 2011: referred to ways and means
A3979-2011 Text
S T A T E O F N E W Y O R K
3979 2011-2012 Regular Sessions I N ASSEMBLY January 31, 2011
Introduced by M. of A. ROBINSON, COLTON, STEVENSON, GIBSON, JAFFEE - Multi-Sponsored by -- M. of A. AMEDORE, CERETTO, CROUCH, SAYWARD, SWEENEY, THIELE -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to increasing the maximum real property tax circuit breaker credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3 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:
(3) Determination of credit. (A) For qualified taxpayers who have attained the age of sixty-five years before the beginning of or during the taxable year the amount of the credit allowable under this subsection shall be fifty percent, or in the case of a qualified taxpay er who has elected to include an additional amount pursuant to subpara graph (E) of paragraph one of this subsection, twenty-five percent, of the excess of real property taxes or the excess of real property tax equivalent determined as follows:
Excess real property taxes are the excess of real property tax equiv alent or the excess of qualifying real property taxes over the follow If household gross income for ing percentage of household gross the taxable year is: income:
$3,000 or less 3 1/2 Over $3,000 but not over $5,000 4 Over $5,000 but not over $7,000 4 1/2 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01411-01-1
A. 3979 2 Over $7,000 but not over $9,000 5 Over $9,000 but not over $11,000 5 1/2 Over $11,000 but not over $14,000 6 Over $14,000 but not over $18,000 6 1/2 Notwithstanding the foregoing provisions, the maximum credit deter mined under this subparagraph may not exceed the amount determined in accordance with the following table:
If household gross income The maximum credit is:
for the taxable year is:
$1,000 or less [$375] $750 Over $1,000 but not over $2,000 [$358] $716 Over $2,000 but not over $3,000 [$341] $682 Over $3,000 but not over $4,000 [$324] $648 Over $4,000 but not over $5,000 [$307] $614 Over $5,000 but not over $6,000 [$290] $580 Over $6,000 but not over $7,000 [$273] $546 Over $7,000 but not over $8,000 [$256] $512 Over $8,000 but not over $9,000 [$239] $478 Over $9,000 but not over $10,000 [$222] $444 Over $10,000 but not over $11,000 [$205] $410 Over $11,000 but not over $12,000 [$188] $376 Over $12,000 but not over $13,000 [$171] $342 Over $13,000 but not over $14,000 [$154] $308 Over $14,000 but not over $15,000 [$137] $274 Over $15,000 but not over $16,000 [$120] $240 Over $16,000 but not over $17,000 [$103] $206 Over $17,000 but not over $18,000 [$ 86] $172 (B) For all other qualified taxpayers the amount of the credit allow able under this subsection shall be fifty percent of excess real proper ty taxes or the excess of the real property tax equivalent determined as follows:
Excess real property taxes are the excess of real property tax equiv alent or the excess of qualifying real property taxes over the follow If household gross income for ing percentage of household gross the taxable year is: income:
$3,000 or less 3 1/2 Over $3,000 but not over $5,000 4 Over $5,000 but not over $7,000 4 1/2 Over $7,000 but not over $9,000 5 Over $9,000 but not over $11,000 5 1/2 Over $11,000 but not over $14,000 6 Over $14,000 but not over $18,000 6 1/2 Notwithstanding the foregoing provisions, the maximum credit deter mined under this subparagraph may not exceed the amount determined in accordance with the following table:
A. 3979 3 If household gross income for the taxable year is: The maximum credit is:
$1,000 or less [$75] $150 Over $1,000 but not over $2,000 [$73] $146 Over $2,000 but not over $3,000 [$71] $142 Over $3,000 but not over $4,000 [$69] $138 Over $4,000 but not over $5,000 [$67] $134 Over $5,000 but not over $6,000 [$65] $130 Over $6,000 but not over $7,000 [$63] $126 Over $7,000 but not over $8,000 [$61] $122 Over $8,000 but not over $9,000 [$59] $118 Over $9,000 but not over $10,000 [$57] $114 Over $10,000 but not over $11,000 [$55] $110 Over $11,000 but not over $12,000 [$53] $106 Over $12,000 but not over $13,000 [$51] $102 Over $13,000 but not over $14,000 [$49] $98 Over $14,000 but not over $15,000 [$47] $94 Over $15,000 but not over $16,000 [$45] $90 Over $16,000 but not over $17,000 [$43] $86 Over $17,000 but not over $18,000 [$41] $82
S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2012.
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