Bill > S03488

This bill provides a real property tax relief credit and an enhanced real property tax circuit breaker credit for certain taxpayers who meet income requirements and other eligibility criteria. The property tax relief credit is available to individual taxpayers with qualified gross income up to $275,000, and the amount of the credit is based on a percentage of the STAR tax savings associated with the taxpayer's property. The enhanced real property tax circuit breaker credit is available to resident individuals of cities with a population over 1 million who meet household gross income requirements, and the amount of the credit is based on a percentage of the excess of real property taxes paid over a certain percentage of the household gross income. The bill applies to taxable years beginning on or after January 1, 2023.