S T A T E   O F   N E W   Y O R K
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                                  3529

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 23, 2015
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
  Committee on Aging

AN ACT to amend the real property tax law, in relation to the definition
  of income for tax abatement for  rent-controlled  and  rent  regulated
  property occupied by senior citizens or persons with disabilities

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph c of subdivision 1 of section 467-b of  the  real
property  tax  law,  as  amended  by chapter 500 of the laws of 2001, is
amended to read as follows:
  c. "Income" means income from  all  sources  after  deduction  of  all
income  and  social security taxes, UNION DUES AND COURT-ORDERED SUPPORT
PAYMENTS and includes social security and retirement  benefits,  supple-
mental  security income and additional state payments, public assistance
benefits, interest, dividends, net rental  income,  salary  or  BUSINESS
earnings  OR  LOSSES,  NET  CAPITAL GAINS OR LOSSES, and net income from
self-employment, but shall not include gifts or  inheritances,  payments
made  to  individuals  because of their status as victims of Nazi perse-
cution, as defined in P.L. 103-286, or increases  in  benefits  accorded
pursuant  to the social security act or a public or private pension paid
to any member of the household which increase, in any given  year,  does
not  exceed the consumer price index (all items United States city aver-
age) for such year which take effect after the date  of  eligibility  of
head  of  the household receiving benefits hereunder whether received by
the head of the household or any other member of the household;
  S 2. This act shall take effect immediately, provided that the  amend-
ments to paragraph c of subdivision 1 of section 467-b of the real prop-
erty  tax  law,  made  by  section one of this act, shall not affect the
expiration of such section and shall be deemed to expire therewith.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04258-01-5