S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2082
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 15, 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 pension income
   and 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
 and includes social security and retirement benefits, supplemental secu-
 rity  income  and additional state payments, public assistance benefits,
 interest, dividends, net rental income,  salary  or  earnings,  and  net
 income  from self-employment, but shall not include gifts or inheritanc-
 es, 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 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 average)] for such year which take effect after the
 date of eligibility of head of the household  receiving  benefits  here-
 under  whether received by the head of the household 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;
   (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.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05818-01-5