Bill > A04672

This bill amends the New York State tax law to increase the excess real property tax credit for qualified taxpayers, expanding financial relief for property owners. The bill modifies the calculation of the tax credit by lowering the percentage of gross income used to determine excess real property taxes from six to five percent and adjusting credit percentages for different income brackets. Specifically, for taxpayers with gross income up to $75,000, the credit percentage increases from 14% to 20%; for those between $75,000 and $150,000, the credit is calculated on a sliding scale; and for those between $150,000 and $350,000, the credit percentage increases from 9% to 15%. The bill also increases the maximum credit from $3,450 to $1,500 and raises the income threshold for property owners from $250,000 to $350,000. These changes are designed to provide more substantial tax relief to a broader range of property owners, particularly those in middle-income brackets. The amendments will take effect for taxable years beginning on or after January 1, 2026, giving taxpayers and tax authorities time to prepare for the new provisions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4672