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

                                  5445

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

Introduced by M. of A. McKEVITT, FINCH, McDONOUGH, WALKER, KOLB, ALFANO,
  BARRA  --  Multi-Sponsored  by -- M. of A. GIGLIO, THIELE, TOWNSEND --
  read once and referred to the Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation  to  an  employer
  sponsored retirement plan

  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 AND AN EMPLOYER SPONSORED RETIREMENT  PLAN;  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 immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09004-01-9