Bill > A00452

This bill establishes the "Retire Strong Tax Credit" for New York state residents who are 65 years or older, designed to provide financial relief for property taxes. Specifically, the bill allows qualifying taxpayers to claim a tax credit equal to 50% of their qualifying real property taxes, with a maximum credit of $6,500. To be eligible, individuals must be 65 or older, own and primarily reside in a property that received an enhanced STAR (School Tax Relief) exemption, and have a gross income not exceeding $300,000. The property must be used primarily for residential purposes, with no more than 20% of potential rental income coming from non-residential sources. Additional restrictions apply, such as the property must be occupied by the owner for at least 183 days of the tax year, and the credit cannot be claimed if the property is entirely tax-exempt or if the taxpayer is claimed as a dependent by another taxpayer. The bill will take effect for tax years beginning on or after January 1, 2025, and provides detailed definitions and calculations for determining the credit's applicability.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A452