Bill > S01147

This bill creates an enhanced real property tax circuit breaker credit specifically for residents of New York City with a population over one million. The credit is designed to provide tax relief to homeowners and renters based on their household income and real property taxes or rent. To qualify, an individual must have lived in the same residence for at least six months, have a household gross income below $200,000, and occupy a residential property. The credit amount varies depending on the household's income level, with those earning less than $100,000 receiving the highest percentage of relief (15% of excess real property taxes). The bill defines key terms like "household," "adjusted rent," and "qualifying real property taxes," and provides detailed rules for calculating the credit. Renters can claim a credit based on 15.75% of their adjusted rent, while homeowners can claim a credit based on their actual property taxes. The bill limits the credit to one per household per year and includes provisions for how the credit is applied and administered by tax authorities. Notably, the credit is refundable, meaning if it exceeds the taxpayer's tax liability, the excess will be returned as an overpayment. The bill also requires the tax commissioner to prepare an annual report detailing the credits granted, providing transparency about the program's implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S1147