Bill > S05375

This bill establishes a new tax credit called the "Retire Strong Tax Credit" specifically designed for New York residents who are 65 years or older. The credit allows qualifying taxpayers to receive a tax credit equal to 50% of their qualifying real property taxes, up to a maximum of $6,500. To be eligible, individuals must own and primarily reside in a property that received an enhanced STAR (School Tax Relief) exemption, have a qualified gross income under $300,000, and have occupied the residence for at least 183 days of the tax year. The bill defines detailed parameters for what qualifies as a residence, real property taxes, and gross income, including limitations on reported losses. The credit cannot be claimed if the property is primarily used for non-residential purposes, if the taxpayer is claimed as a dependent by another taxpayer, or if the property is wholly exempt from property taxation. Additionally, taxpayers who itemize federal deductions will have their New York itemized deductions reduced by the amount of this credit. The bill is set to take effect for taxable years beginning on or after January 1, 2025.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5375