Senate Bill S7472

2013-2014 Legislative Session

Relates to the term "income" for purposes of the school tax relief exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government 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-S7472 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4595
2017-2018: S2568
2019-2020: S270
2021-2022: S2570
2023-2024: S3053

2013-S7472 (ACTIVE) - Summary

Relates to the term "income" for purposes of the school tax relief exemption.

2013-S7472 (ACTIVE) - Sponsor Memo

2013-S7472 (ACTIVE) - Bill Text download pdf 

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

                                  7472

                            I N  S E N A T E

                              May 15, 2014
                               ___________

Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the real property tax  law,  in  relation  to  the  term
  "income" for purposes of the school tax relief exemption

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

  Section 1. Subparagraph (ii) of paragraph  (b)  of  subdivision  4  of
section  425  of  the  real property tax law, as amended by section 3 of
part E of chapter 83 of the laws of 2002, is amended to read as follows:
  (ii) The term "income" as used herein shall mean the  "adjusted  gross
income"  for  federal income tax purposes as reported on the applicant's
federal or state income tax return for the applicable income  tax  year,
subject  to  any subsequent amendments or revisions, reduced by distrib-
utions, to  the  extent  included  in  federal  adjusted  gross  income,
received  from  an  individual  retirement  account [and], an individual
retirement annuity, A DISTRIBUTION FROM  AN  ACCOUNT  ESTABLISHED  UNDER
SECTION  401(K)  OR 403(B) OF THE UNITED STATES INTERNAL REVENUE CODE OF
1986 AS AMENDED, OR A SIMPLIFIED EMPLOYEE PENSION PLAN (SEP) ESTABLISHED
PURSUANT TO THE UNITED STATES INTERNAL REVENUE CODE OF 1986 AS  AMENDED;
provided  that if no such return was filed for the applicable income tax
year, "income" shall mean the adjusted gross income that would have been
so reported if such a return had been filed.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14422-01-4

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