Bill S291A-2011

Relates to increasing the maximum real property tax circuit breaker tax credit

Increases the maximum real property tax circuit breaker tax credit.

Details

Actions

  • Mar 12, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Feb 21, 2012: NOTICE OF COMMITTEE CONSIDERATION - REQUESTED
  • Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Dec 21, 2011: PRINT NUMBER 291A
  • Dec 21, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 5, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S291A

TITLE OF BILL: An act to amend the tax law, in relation to increasing the maximum real property tax circuit breaker credit

PURPOSE: To enable elderly and moderate income homeowners and renters to receive a real property tax credit or rebate that is reflective of current living costs and trends. The "circuit breaker" credit has not been increased since 1987.

SUMMARY OF PROVISIONS: In accordance with various provisions of the state tax law, the bill doubles the allowable "circuit breaker" tax credit for homeowners and renters.

JUSTIFICATION: Tax credits or rebates are provided to homeowners and renters who are paying a disproportionate amount on housing expenses in relation to their household income. The current tax credit/rebate is not proportionate to existing cost of living expenses, as it has not been increased since 1987. Individuals may file for a "circuit breaker" credit on their annual income Tax Form IT-2l4, and may also qualify for a rebate without paying income tax.

LEGISLATIVE HISTORY: 2010: S.4154 - Died in Committee 2008: S.4774 - Died in Committee 2006: S.7470 - Died in Committee

FISCAL IMPLICATIONS: This measure reduces state revenues by approximately $32 million annually.

EFFECTIVE DATE: This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2013.


Text

STATE OF NEW YORK ________________________________________________________________________ 291--A 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________
Introduced by Sens. MONTGOMERY, HASSELL-THOMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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 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: 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, 2013.

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