Bill > A04979

This bill modifies the definition of "income" for the School Tax Relief (STAR) exemption program, specifically expanding the list of income sources that can be deducted when determining Enhanced STAR eligibility. Currently, the law allows reductions from adjusted gross income for distributions from individual retirement accounts and individual retirement annuities. The bill adds distributions from 401(k) and 403(b) retirement accounts, as well as simplified employee pension plans (SEP), to the list of deductible income sources. Additionally, the bill updates language around income reporting requirements, specifying that for individuals who did not file a tax return, they must submit a statement to the department detailing their income sources and amounts. This change aims to provide more flexibility for seniors and homeowners when calculating their income for STAR exemption purposes, potentially making more people eligible for the property tax relief program. The bill will take effect on the first day of January following its enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4979