S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3683
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced  by M. of A. GRIFFIN -- read once and referred to the Commit-
   tee on Aging
 
 AN ACT to amend the real property tax law, in relation to excluding from
   the income calculation, certain travel expenses incurred  by  military
   veterans  attending  medical  appointments  and/or  treatment  for the
   persons sixty-five years of age or over real property tax exemption
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph (a) of subdivision 3 of section 467 of the real
 property tax law, as separately amended by chapters 131 and 279  of  the
 laws of 2017, is amended to read as follows:
   (a) if the income of the owner or the combined income of the owners of
 the  property  for the income tax year immediately preceding the date of
 making application for exemption  exceeds  the  sum  of  three  thousand
 dollars, or such other sum not less than three thousand dollars nor more
 than twenty-six thousand dollars beginning July first, two thousand six,
 twenty-seven  thousand dollars beginning July first, two thousand seven,
 twenty-eight thousand dollars beginning July first, two thousand  eight,
 twenty-nine  thousand  dollars  beginning July first, two thousand nine,
 and in a city with a population of one million or  more  fifty  thousand
 dollars beginning July first, two thousand seventeen, as may be provided
 by  the  local  law,  ordinance  or  resolution adopted pursuant to this
 section. Income tax year shall mean the twelve month  period  for  which
 the owner or owners filed a federal personal income tax return, or if no
 such return is filed, the calendar year. Where title is vested in either
 the  husband or the wife, their combined income may not exceed such sum,
 except where the husband or wife, or ex-husband  or  ex-wife  is  absent
 from  the  property as provided in subparagraph (ii) of paragraph (d) of
 this subdivision, then only the income of the spouse or ex-spouse resid-
 ing on the property shall be considered and may  not  exceed  such  sum.
 Such  income  shall  include  social  security  and retirement benefits,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07123-01-1

 A. 3683                             2
 
 interest, dividends, total gain from the sale or exchange of  a  capital
 asset which may be offset by a loss from the sale or exchange of a capi-
 tal  asset  in  the  same  income tax year, net rental income, salary or
 earnings,  and  net income from self-employment, but shall not include a
 return of capital, gifts, inheritances,  payments  made  to  individuals
 because  of  their  status as victims of Nazi persecution, as defined in
 P.L. 103-286 or monies earned through employment in the  federal  foster
 grandparent  program  and any such income shall be offset by all medical
 and prescription drug  expenses  actually  paid,  INCLUDING  ANY  TRAVEL
 EXPENSES INCURRED BY MILITARY VETERANS FOR REQUIRED TRAVEL TO AND FROM A
 VETERANS  HEALTH ADMINISTRATION HOSPITAL FOR MEDICAL APPOINTMENTS AND/OR
 TREATMENT, which were not reimbursed or paid for by  insurance,  if  the
 governing  board  of  a  municipality,  after a public hearing, adopts a
 local law, ordinance or resolution providing therefor. In  addition,  an
 exchange  of  an annuity for an annuity contract, which resulted in non-
 taxable gain, as determined in section one thousand thirty-five  of  the
 internal revenue code, shall be excluded from such income. Provided that
 such  exclusion  shall  be  based  on  satisfactory  proof  that such an
 exchange was solely an exchange of an annuity for  an  annuity  contract
 that  resulted  in  a non-taxable transfer determined by such section of
 the internal revenue code. Furthermore, such income  shall  not  include
 the  proceeds  of  a reverse mortgage, as authorized by section six-h of
 the banking law, and sections two hundred eighty and two hundred  eight-
 y-a  of  the  real  property law; provided, however, that monies used to
 repay a reverse mortgage may not be deducted from income,  and  provided
 additionally that any interest or dividends realized from the investment
 of  reverse mortgage proceeds shall be considered income. The provisions
 of this paragraph notwithstanding, such income shall not include  veter-
 ans disability compensation, as defined in Title 38 of the United States
 Code  provided  the  governing  board of such municipality, after public
 hearing, adopts a local law, ordinance or resolution providing therefor.
 In computing net rental income and net income  from  self-employment  no
 depreciation  deduction  shall  be  allowed for the exhaustion, wear and
 tear of real or personal property held for the production of income;
   § 2. This act shall take effect immediately.