NY State Senate Bill 2015-S7531

Senate Bill S7531

2015-2016 Legislative Session

Repeals part A of chapter 60 of the laws of 2016, which provides for the transition of the school tax relief property tax exemption to a personal income tax credit

download bill text pdf

Archive: Last Bill Status - In Senate Committee Local Government Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 09, 2016	referred to local government

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2015-S7531 (ACTIVE) - Details

See Assembly Version of this Bill:: A9943
Current Committee:: Senate Local Government
Law Section:: Taxation
Laws Affected:: Rpld Part A, Chap 60 of 2016
Versions Introduced in Other Legislative Sessions:: 2017-2018: S1374
2019-2020: S505
2021-2022: S4250
2023-2024: S2337

2015-S7531 (ACTIVE) - Summary

Repeals provisions relating to the transition of the school tax relief property tax exemption to a personal income tax credit.

2015-S7531 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7531

 TITLE OF BILL :

An act to repeal part A of chapter 60 of the laws of 2016 amending the
real property tax law and the tax law relating to transitioning the
school tax relief (STAR) exemption into a personal income tax credit,
relating thereto

 PURPOSE OR GENERAL IDEA OF BILL :

The purpose of this legislation is to repeal part A of chapter 60 of
the laws of 2016, which provides for the transition of the school tax
relief property tax exemption to a personal income tax credit.

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1. Part A of chapter 60 of the laws of 2016 amending the Real
Property Tax Law and the Tax Law relating to transitioning the school
tax relief (STAR) exemption into a personal income tax credit is
REPEALED.

Section 2. Establishes the effective date.

 JUSTIFICATION :

The STAR program has historically been an exemption program, which
provides homeowners with immediate school tax relief by reducing their
school tax bills. Part A of Chapter 60 of the Laws of 2016 changed
STAR to a personal income tax program for new homeowners.  These
homeowners will receive their full school tax bill, and then have to
wait for a tax credit from the Department of Taxation and Finance. New
formulas will be used to calculate the credit amounts for cooperatives
and mobile homes, which could mean some homeowners receiving the
personal income tax credit will receive a lesser benefit than their
neighbors who are receiving. This legislation would keep STAR as an
exemption program and allow future applicants to receive the same
benefits in the same manner as current STAR recipients.

 PRIOR LEGISLATIVE HISTORY :

This is new legislation.

 FISCAL IMPLICATIONS :

This legislation would eliminate the temporary cost savings of the
conversion, which was estimated by the New York State Division of
Budget to be about $100 million annually until full conversion was
complete; however the savings attributable to the conversion would
ultimately have been offset by lower income tax revenues to the State.

 EFFECTIVE DATE :
This act shall take effect immediately.

2015-S7531 (ACTIVE) - Bill Text download pdf

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

                                  7531

                            I N  S E N A T E

                               May 9, 2016
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to repeal part A of chapter 60 of the laws of 2016  amending  the
  real  property  tax  law and the tax law relating to transitioning the
  school tax relief (STAR) exemption into a personal income tax  credit,
  relating thereto

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

  Section 1. Part A of chapter 60 of the laws of 2016 amending the  real
property  tax  law  and the tax law relating to transitioning the school
tax relief (STAR)  exemption  into  a  personal  income  tax  credit  is
REPEALED.
  S 2. This act shall take effect immediately.








 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15042-01-6

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