S6408-2011 Actions

• Feb 6, 2012: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

S6408-2011 Memo

BILL NUMBER:S6408

TITLE OF BILL:
An act to amend the private housing finance law, in relation to the
definition of income

SUMMARY OF PROVISIONS:
This bill would amend subdivision 29 of Section 2 of the Private
Housing Finance Law to specifically provide that an individual's first
$20,000 worth of Social Security and retirement benefits will not be
included in the definition of "income".

JUSTIFICATION:
The Federal Social Security Act amendments of 1983 provide that, for
many retirees, a substantial portion of their social security benefits
will be subject to federal income taxation for years beginning with
1984. These benefits have historically not been considered as
"income", for purposes of the Private Housing Finance Law and should
not be so treated now. This bill would ensure that these benefits will
not be included in the computation of "annual income", which is used
for determining eligibility and surcharges for Mitchell-Lama
residents.

LEGISLATIVE HISTORY:
2012: S.2039 (Kruger)

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the thirteenth day after it shall have
become a law.

S6408-2011 Text

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

                                    6408

                              I N  SENATE

                              February 6, 2012
                                 ___________

  Introduced  by  Sen.  RIVERA -- read twice and ordered printed, and when
    printed to be committed to the Committee on Housing, Construction  and
    Community Development

  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  ASSEM-
  BLY, 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 "prob-
  able aggregate annual income" as therein defined.
    S 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.
                                                             LBD14409-01-2