Bill > A08308

This bill establishes the "Retire Strong Tax Credit" for certain individuals aged 65 or older in New York. The key provisions are: 1. Qualified taxpayers can claim a tax credit equal to 50% of their qualifying real property taxes paid during the taxable year, up to a maximum of $6,500. 2. "Qualified taxpayer" is defined as a New York resident individual aged 65 or older who owned and primarily resided in a property that received the Enhanced STAR exemption or qualified for the Enhanced School Tax Relief (STAR) credit. 3. "Qualifying real property taxes" includes all real property taxes, special ad valorem levies, and special assessments paid by the qualified taxpayer, with some adjustments. 4. The credit is subject to certain limitations, such as a maximum qualifying gross income of $300,000 and restrictions on properties used for non-residential purposes or that are wholly exempt from real property taxation. 5. The credit can be claimed for taxable years beginning on or after January 1, 2024.