S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1946
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2025
                                ___________
 
 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. Clause (B) of subparagraph (ii) of paragraph c of  subdivi-
 sion  1  of  section  467-b  of the real property tax law, as amended by
 chapter 276 of the laws of 2023, is amended to read as follows:
   (B) provided, however, that income may be  calculated  as  the  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, supplemental security income and addi-
 tional 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 persecution, as defined in federal  P.L.
 103-286,  or increases in benefits accorded pursuant to the social secu-
 rity act or a public or private pension paid to any member of the house-
 hold which increase, in any given year, does  not  exceed  the  consumer
 price  index  (all items United States city average) 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 house-
 hold or any other member of the household, when the following conditions
 are met:
   (1) a rent increase exemption order was granted to the head of  house-
 hold prior to July first, two thousand twenty-four;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05319-01-5
 A. 1946                             2
 
              

   (2)  such  rent  increase exemption order is either renewed after each
 benefit period or granted pursuant to paragraph (d) of  subdivision  two
 of this section to account for a temporary increase in income;
   (3)  income calculated as described in this subparagraph would yield a
 lower amount than income calculated as described in subparagraph (i)  of
 this paragraph; and
   § 2. This act shall take effect immediately.