New York A 7652: Establishes a school speed zone camera demonstration program in the city of Schenectady

Bill Text

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A07652 Summary:

BILL NOA07652 

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SAME ASNo Same As

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SPONSORStern

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Increases the real property tax circuit breaker credit income limits to $100,000; removes real property tax rebates from real property taxes that qualify under such credit.

Go to top A07652 Actions:

BILL NOA07652 

&nbsp

04/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07652 Committee&nbspVotes:

Go to topA07652 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07652 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7652

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. STERN -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to the real property tax
 circuit breaker credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subparagraph (E) of paragraph 1 and paragraphs 3 and 7 of
 2 subsection (e) of section 606 of the tax law, as amended by chapter 28
 3 of the laws of 1987 and subparagraph (E) of paragraph 1 as amended by
 4 chapter 105 of the laws of 2006, are amended to read as follows:
 5 (E) "Qualifying real property taxes" means all real property taxes,
 6 special ad valorem levies and special assessments, exclusive of penal-
 7 ties and interest, levied on the residence of a qualified taxpayer and
 8 paid during the taxable year less the credit claimed under the former
 9 subsection (n-1) of this section. [In addition, for taxable years begin-
 10 ning after December thirty-first, nineteen hundred eighty-four, a quali-
 11 fied taxpayer may elect to include any additional amount that would have
 12 been levied in the absence of an exemption from real property taxation
 13 pursuant to section four hundred sixty-seven of the real property tax
 14 law.] If tenant-stockholders in a cooperative housing corporation have
 15 met the requirements of section two hundred sixteen of the internal
 16 revenue code by which they are allowed a deduction for real estate
 17 taxes, the amount of taxes so allowable, or which would be allowable if
 18 the taxpayer had filed returns on a cash basis, shall be qualifying real
 19 property taxes. If a residence is owned by two or more individuals as
 20 joint tenants or tenants in common, and one or more than one individual
 21 is not a member of the household, qualifying real property taxes is that
 22 part of such taxes on the residence which reflects the ownership
 23 percentage of the qualified taxpayer and members of [his] their house-
 24 hold. If a residence is an integral part of a larger unit, qualifying
 25 real property taxes shall be limited to that amount of such taxes paid

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02533-01-5

 A. 7652 2

 1 as may be reasonably apportioned to such residence. If a household owns
 2 and occupies two or more residences during different periods in the same
 3 taxable year, qualifying real property taxes shall be the sum of the
 4 prorated qualifying real property taxes attributable to the household
 5 during the periods such household occupies each of such residences. If
 6 the household owns and occupies a residence for part of the taxable year
 7 and rents a residence for part of the same taxable year, it may include
 8 both the proration of qualifying real property taxes on the residence
 9 owned and the real property tax equivalent with respect to the months
 10 the residence is rented. Provided, however, for purposes of the credit
 11 allowed under this subsection, qualifying real property taxes may be
 12 included by a qualified taxpayer only to the extent that such taxpayer
 13 or the spouse of such taxpayer occupying such residence for six months
 14 or more of the taxable year owns or has owned the residence and paid
 15 such taxes. Provided further, however, qualifying real property taxes
 16 shall not include any portion of a real property tax paid that was
 17 subsequently returned to the taxpayer by a tax credit or any other real
 18 property tax rebate including, b