Bill > S02023

This bill creates a new Middle Class Circuit Breaker Tax Credit that allows qualified homeowners and renters to receive a tax credit equal to 70% of their real property tax or real property tax equivalent that exceeds a calculated maximum threshold. The credit is designed for New York residents who have owned or rented their residential property for at least five years and have a household gross income at or below certain levels. The credit calculation is complex, with different thresholds and percentages applied based on household income for tax years from 2027 to 2030, starting with a 9% maximum for households earning $100,000 or less in 2027 and gradually adjusting to a 6% maximum with additional sliding scales for higher income brackets by 2030. The bill also establishes a tax reform study commission consisting of members appointed by the governor, legislative leaders, and minority leaders, which will be tasked with reviewing and recommending potential changes to property tax relief program definitions and examining the distributional impact of these programs. Importantly, taxpayers cannot claim both this new credit and the existing real property tax circuit breaker credit in the same tax year.