| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Apr 16, 2010 |
print number 4154a |
| Apr 16, 2010 |
amend and recommit to investigations and government operations |
| Jan 06, 2010 |
referred to investigations and government operations |
| Apr 15, 2009 |
referred to investigations and government operations |
Senate Bill S4154
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
Bill Amendments
co-Sponsors
(D, WF) Senate District
(D) Senate District
2009-S4154 - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S291
2009-S4154 - Sponsor Memo
BILL NUMBER: S4154
TITLE OF BILL :
An act to amend the tax law, in relation to increasing the maximum
real property tax circuit breaker credit
PURPOSE OR GENERAL IDEA OF BILL :
To enable elderly and moderate income homeowners and renters to
receive a real property tax credit or rebate that is reflective of
current living costs and trends. The "circuit breaker" credit has not
been increased since 1987.
SUMMARY OF SPECIFIC PROVISIONS :
In accordance with various provisions of the state tax law, the bill
doubles the allowable "circuit breaker" tax credit for homeowners and
renters.
JUSTIFICATION :
Tax credits or rebates are provided to homeowners and renters who are
paying a disproportionate amount on housing expenses in relation to
their household income. The current tax credit/rebate is not
proportionate to existing cost of living expenses, as it has not been
increased since 1987. Individuals may file for a "circuit-breaker"
credit on their annual income Tax Form IT-214, and may also qualify
for a rebate without paying income tax.
2009-S4154 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4154
2009-2010 Regular Sessions
I N S E N A T E
April 15, 2009
___________
Introduced by Sens. MONTGOMERY, THOMPSON -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
AN ACT to amend the tax law, in relation to increasing the maximum real
property tax circuit breaker credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3 of subsection (e) of section 606 of the tax
law, as amended by chapter 28 of the laws of 1987, is amended to read as
follows:
(3) Determination of credit. (A) For qualified taxpayers who have
attained the age of sixty-five years before the beginning of or during
the taxable year the amount of the credit allowable under this
subsection shall be fifty percent, or in the case of a qualified taxpay-
er who has elected to include an additional amount pursuant to subpara-
graph (E) of paragraph one of this subsection, twenty-five percent, of
the excess of real property taxes or the excess of real property tax
equivalent determined as follows:
Excess real property taxes are the
excess of real property tax equiv-
alent or the excess of qualifying
real property taxes over the follow-
If household gross income for ing percentage of household gross
the taxable year is: income:
_____________________________ ____________________________________
$3,000 or less 3 1/2
Over $3,000 but not over $5,000 4
Over $5,000 but not over $7,000 4 1/2
Over $7,000 but not over $9,000 5
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10511-01-9
co-Sponsors
(D, WF) Senate District
(D) Senate District
2009-S4154A (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S291
2009-S4154A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4154A
TITLE OF BILL :
An act to amend the tax law, in relation to increasing the maximum
real property tax circuit breaker credit
PURPOSE OR GENERAL IDEA OF BILL :
To enable elderly and moderate income homeowners and renters to
receive a real property tax credit or rebate that is reflective of
current living costs and trends. The "circuit breaker" credit has not
been increased since 1987.
SUMMARY OF SPECIFIC PROVISIONS :
In accordance with various provisions of the state tax law, the bill
doubles the allowable "circuit breaker" tax credit for homeowners and
renters.
JUSTIFICATION :
Tax credits or rebates are provided to homeowners and renters who are
paying a disproportionate amount on housing expenses in relation to
their household income. The current tax credit/rebate is not
proportionate to existing cost of living expenses, as it has not been
increased since 1987. Individuals may file for a "circuit-breaker"
credit on their annual income Tax Form IT-214, and may also qualify
for a rebate without paying income tax.
2009-S4154A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4154--A
2009-2010 Regular Sessions
I N S E N A T E
April 15, 2009
___________
Introduced by Sens. MONTGOMERY, HASSELL-THOMPSON, THOMPSON -- read twice
and ordered printed, and when printed to be committed to the Committee
on Investigations and Government Operations -- recommitted to the
Committee on Investigations and Government Operations in accordance
with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to increasing the maximum real
property tax circuit breaker credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 3 of subsection (e) of section 606 of the tax
law, as amended by chapter 28 of the laws of 1987, is amended to read as
follows:
(3) Determination of credit. (A) For qualified taxpayers who have
attained the age of sixty-five years before the beginning of or during
the taxable year the amount of the credit allowable under this
subsection shall be fifty percent, or in the case of a qualified taxpay-
er who has elected to include an additional amount pursuant to subpara-
graph (E) of paragraph one of this subsection, twenty-five percent, of
the excess of real property taxes or the excess of real property tax
equivalent determined as follows:
Excess real property taxes are the
excess of real property tax equiv-
alent or the excess of qualifying
real property taxes over the follow-
If household gross income for ing percentage of household gross
the taxable year is: income:
_____________________________ ____________________________________
$3,000 or less 3 1/2
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10511-02-0
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