New York A 452: Establishes the retire strong tax credit for certain individuals age 65 or older

Bill Text

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A00452 Summary:

BILL NOA00452 

&nbsp

SAME ASSAME AS S05375

&nbsp

SPONSORWalsh

&nbsp

COSPNSRJensen, Simpson, Beephan

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Establishes the retire strong tax credit for certain individuals age 65 or older; authorizes a tax credit amounting to half the qualifying real property taxes paid by such individual for the taxable year, up to $6,500.

Go to top A00452 Actions:

BILL NOA00452 

&nbsp

01/08/2025referred to ways and means

01/07/2026referred to ways and means

06/04/2026held for consideration in ways and means

Go to topA00452 Committee&nbspVotes:

Committee:WAYS AND MEANS Chair:Pretlow 
DATE:06/04/2026AYE/NAY:22/10 Action: Held for Consideration PretlowAyePalmesanoNay

GlickAyeFitzpatrickNay

ColtonAyeHawleyNay

CookExcusedBlankenbushNay

BenedettoAyeWalshNay

WeprinAyeDeStefanoNay

RamosAyeManktelowNay

BraunsteinAyeSmullenNay

McDonaldAyeGiglioNay

RozicAyeSlaterNay

DinowitzAye

MagnarelliAye

BronsonAye

DilanAbsent

SeawrightAye

HyndmanAye

WalkerAbsent

Bichotte HermelAye

SimonAye

CruzAye

OtisAye

SolagesAye

HunterAye

SeptimoAye

HevesiAye

Go to topA00452 Floor&nbspVotes:

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

Go to topA00452 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 452

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. WALSH, JENSEN, SIMPSON, BEEPHAN -- read once and
 referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to establishing the retire
 strong tax credit

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

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (qqq) to read as follows:
 3 (qqq) Retire strong tax credit. (1) For purposes of this subsection:
 4 (A) "Qualified taxpayer" means a resident individual of the state who
 5 is sixty-five years of age or older during the tax year they file; who
 6 owned and primarily resided for six months or more of the taxable year
 7 in real property that either received the enhanced STAR exemption
 8 authorized by section four hundred twenty-five of the real property tax
 9 law, or that qualified such taxpayer to receive the enhanced school tax
 10 relief credit authorized by subsection (eee) of this section.
 11 (B) "Qualified gross income" means the adjusted gross income of a
 12 qualified taxpayer for the taxable year for federal income tax purposes
 13 and, for taxable year two thousand twenty-five computed without regard
 14 to the last sentence of subsection (a) of section six hundred seven of
 15 this part. In computing qualified gross income, the net amount of loss
 16 reported on Federal Schedule C, D, E, or F shall not exceed three thou-
 17 sand dollars per schedule. In addition, the net amount of any other
 18 separate category of loss shall not exceed three thousand dollars. The
 19 aggregate amount of all losses included in computing qualified gross
 20 income shall not exceed fifteen thousand dollars.
 21 (C) "Residence" means a dwelling in this state owned by the taxpayer
 22 and used by such taxpayer as such taxpayer's primary residence, and so
 23 much of the land abutting it, not exceeding one acre, as is reasonably
 24 necessary for use of the dwelling as a home, and may consist of a part

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02811-01-5

 A. 452 2

 1 of a multi-dwelling or multi-purpose building including a cooperative or
 2 condominium. Residence includes a trailer or mobile home, used exclu-
 3 sively for residential purposes and defined as real property pursuant to
 4 paragraph (g) of subdivision twelve of section one hundred two of the
 5 real property tax law.
 6 (D) "Qualifying real property taxes" means all real property taxes,
 7 special ad valorem levies and special assessments, exclusive of penal-
 8 ties and interest, levied by a taxing jurisdiction on the residence
 9 owned and occupied by a qualified taxpayer and paid by the qualified
 10 taxpayer during the taxable year, provided that to the extent the total
 11 amount of real property taxes so paid includes school district taxes,