Bill > A07652

This bill modifies the real property tax circuit breaker credit, a tax relief mechanism designed to help homeowners and renters with property tax burdens, by increasing several income-related thresholds and making important changes to how tax rebates are treated. Specifically, the bill raises the maximum household gross income limit for eligibility from $18,000 to $100,000, updates the sliding scale of credit amounts across different income brackets, and prohibits taxpayers from including any real property tax amount that was subsequently returned through tax credits or rebates (such as the school tax relief credit) when calculating their qualifying real property taxes. The credit is available to qualified taxpayers aged 65 and older, with different calculation methods for those above and below that age. Additional restrictions remain in place, such as requirements that the property be residential, occupied by the owner, and not exceed certain value thresholds. The changes aim to provide more comprehensive property tax relief to a broader range of income levels while preventing double-counting of tax benefits. The bill takes effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7652