Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 27, 2016 |
print number 5294a |
May 27, 2016 |
amend and recommit to aging |
Jan 06, 2016 |
referred to aging |
May 12, 2015 |
referred to aging |
Senate Bill S5294A
2015-2016 Legislative Session
Sponsored By
(R, C) Senate District
Archive: Last Bill Status - In Senate Committee Aging 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
Actions
Bill Amendments
2015-S5294 - Details
- See Assembly Version of this Bill:
- A7248
- Current Committee:
- Senate Aging
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §467, RPT L
- Versions Introduced in 2017-2018 Legislative Session:
-
S4732, A1603
2015-S5294 - Sponsor Memo
BILL NUMBER:S5294 TITLE OF BILL: An act to amend the real property tax law, in relation to excluding annuity roll-over transfers from taxable income for seniors PURPOSE: To codify the exclusion of taxable income of an annuity for an annuity contract that resulted in a taxable gain. SUMMARY OF PROVISIONS: Exchange of an annuity for an annuity contract, which resulted in taxa- ble gain shall be excluded from taxable income, provided that such exclusion shall be based on satisfactory proof that the exchange was solely annuity to annuity. JUSTIFICATION: Local assessors determine income eligibility for the Senior Citizens Real Property Tax Exemption, which requires an annual application. There are options within each localities to exclude certain types of income and, as such, the definition of income for the purposes of quali- fying for the exemption can differ from municipality to municipality.
2015-S5294 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5294 2015-2016 Regular Sessions I N S E N A T E May 12, 2015 ___________ Introduced by Sen. LARKIN -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to excluding annuity roll-over transfers from taxable income for seniors THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 3 of section 467 of the real property tax law, as amended by chapter 259 of the laws of 2009, is amended to read as follows: (a) if the income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds the sum of three thousand dollars, or such other sum not less than three thousand dollars nor more than twenty-six thousand dollars beginning July first, two thousand six, twenty-seven thousand dollars beginning July first, two thousand seven, twenty-eight thousand dollars beginning July first, two thousand eight, and twenty-nine thousand dollars beginning July first, two thousand nine, as may be provided by the local law, ordinance or resolution adopted pursuant to this section. Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year. Where title is vested in either the husband or the wife, their combined income may not exceed such sum, except where the husband or wife, or ex-husband or ex-wife is absent from the property as provided in subpar- agraph (ii) of paragraph (d) of this subdivision, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings, and net income from self-employment, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04847-04-5
2015-S5294A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7248
- Current Committee:
- Senate Aging
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §467, RPT L
- Versions Introduced in 2017-2018 Legislative Session:
-
S4732, A1603
2015-S5294A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5294A TITLE OF BILL : An act to amend the real property tax law, in relation to excluding annuity roll-over transfers from taxable income for seniors PURPOSE : To codify the exclusion of taxable income of an annuity for annuity exchange if such exchange was deemed to be non-taxable. SUMMARY OF PROVISIONS : Exchange of an annuity for an annuity contract, which is generally treated a non-taxable transaction under the Internal Revenue Code, as determined in section one thousand thirty-five of the Internal Revenue Code, is not income in determining the eligibility for senior property tax exemption, provided that such exclusion shall be based on satisfactory proof that the exchange was solely annuity to annuity. JUSTIFICATION : Local assessors determine income eligibility for those 65 and over under section 467 of the Real Property Tax Law, which requires an annual application. There are options within each localities to
2015-S5294A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5294--A 2015-2016 Regular Sessions I N S E N A T E May 12, 2015 ___________ Introduced by Sen. LARKIN -- read twice and ordered printed, and when printed to be committed to the Committee on Aging -- recommitted to the Committee on Aging in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to excluding annuity roll-over transfers from taxable income for seniors THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 3 of section 467 of the real property tax law, as amended by chapter 259 of the laws of 2009, is amended to read as follows: (a) if the income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds the sum of three thousand dollars, or such other sum not less than three thousand dollars nor more than twenty-six thousand dollars beginning July first, two thousand six, twenty-seven thousand dollars beginning July first, two thousand seven, twenty-eight thousand dollars beginning July first, two thousand eight, and twenty-nine thousand dollars beginning July first, two thousand nine, as may be provided by the local law, ordinance or resolution adopted pursuant to this section. Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year. Where title is vested in either the husband or the wife, their combined income may not exceed such sum, except where the husband or wife, or ex-husband or ex-wife is absent from the property as provided in subpar- agraph (ii) of paragraph (d) of this subdivision, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04847-08-6
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