Bill
Bill > S01489
NY S01489
NY S01489Allows for increases in the amount of income certain property owners may earn for purposes of qualification for certain tax exemptions.
summary
Introduced
01/15/2019
01/15/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
AN ACT to amend the real property tax law, in relation to allowable increases in property income for persons with disabilities and limited incomes for purposes of qualification for certain tax exemptions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill allows for increases in the maximum allowable income that certain property owners may earn in order to qualify for certain tax exemptions. Specifically, it raises the income limit from $29,000 to $50,000 for property owners in New York, and ties future increases to the consumer price index (CPI-U) to be adjusted every two years. This change provides more flexibility for property owners with disabilities or limited incomes to remain eligible for these tax exemptions as their incomes rise over time.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
RECOMMIT, ENACTING CLAUSE STRICKEN (on 01/21/2020)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=S01489&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 01/16/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01489&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01489 | 01/16/2019 |
Loading...