Bill > S07593

This bill establishes the "Retire Strong Tax Credit" for New York residents aged 65 or older who own and primarily reside in real property that receives the Enhanced STAR exemption or the Enhanced School Tax Relief (STAR) credit. The credit amounts to 50% of the qualifying real property taxes paid by the taxpayer, up to a maximum of $6,500. Eligibility is restricted based on the taxpayer's adjusted gross income not exceeding $300,000 and the property being used primarily for residential purposes. The bill also requires that the New York itemized deduction be reduced by the amount of the credit claimed.