Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 06, 2022 |
referred to real property taxation |
Assembly Bill A10571
2021-2022 Legislative Session
Sponsored By
LAWLER
Archive: Last Bill Status - In Assembly 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
Actions
2021-A10571 (ACTIVE) - Details
- Current Committee:
- Assembly Real Property Taxation
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §425, RPT L
2021-A10571 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10571 I N A S S E M B L Y July 6, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Lawler) -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to increasing the enhanced STAR property tax deduction THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "Two STAR Act". § 2. Clause (C) of subparagraph (i) of paragraph (b) of subdivision 4 of section 425 of the real property tax law, as amended by section 3 of part E of chapter 83 of the laws of 2002, is amended to read as follows: (C) For final assessment rolls to be completed [in each ensuing year] BETWEEN TWO THOUSAND FOUR AND TWO THOUSAND TWENTY-TWO, the applicable income tax year, cost-of-living-adjustment percentage and applicable increase percentage shall all be advanced by one year, and the income standard shall be the previously-applicable income standard increased by the new cost-of-living-adjustment percentage. If there should be a year for which there is no applicable increase percentage due to a general benefit increase as defined by subdivision three of subsection (i) of section four hundred fifteen of title forty-two of the United States code, the applicable increase percentage for purposes of this computa- tion shall be deemed to be the percentage which would have yielded that general benefit increase. § 3. Clause (C-1) of subparagraph (i) of paragraph (b) of subdivision 4 of section 425 of the real property tax law is relettered clause (C-2) and a new clause (C-1) is added to read as follows: (C-1) FOR FINAL ASSESSMENT ROLLS TO BE COMPLETED AFTER TWO THOUSAND TWENTY-TWO, THE APPLICABLE INCOME TAX YEAR, COST-OF-LIVING-ADJUSTMENT PERCENTAGE AND APPLICABLE INCREASE PERCENTAGE SHALL ALL BE ADVANCED BY ONE YEAR, AND THE INCOME STANDARD SHALL BE TWICE THE PREVIOUSLY-APPLICA- BLE INCOME STANDARD INCREASED BY THE NEW COST-OF-LIVING-ADJUSTMENT PERCENTAGE. IF THERE SHOULD BE A YEAR FOR WHICH THERE IS NO APPLICABLE INCREASE PERCENTAGE DUE TO A GENERAL BENEFIT INCREASE AS DEFINED BY SUBDIVISION THREE OF SUBSECTION (I) OF SECTION FOUR HUNDRED FIFTEEN OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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