Bill > S06472

This bill modifies the definition of income calculation for tax abatement purposes for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. Specifically, the bill expands the types of deductions that can be made when calculating income, now allowing reductions for union dues and court-ordered support payments in addition to existing tax deductions. The bill also clarifies that income calculations should include business earnings or losses and net capital gains or losses. The legislation maintains existing provisions that exclude gifts, inheritances, and certain Nazi persecution victim payments from income calculations. To qualify for the tax abatement, individuals must have received a rent increase exemption order before July 1, 2024, ensure the order is renewed or granted periodically, and demonstrate that the new income calculation method results in a lower income amount. The changes aim to provide more comprehensive and flexible income calculation methods for senior citizens and disabled individuals seeking property tax relief, potentially making the abatement more accessible and reflective of an individual's true financial circumstances.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S6472