New York A 4672: Relates to improving the real property tax relief credit

Bill Text

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A04672 Summary:

BILL NOA04672 

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SAME ASNo Same As

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SPONSOREachus

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COSPNSRBurdick, Stern, Otis, Lunsford

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MLTSPNSR

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Amd §606, Tax L

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Increases the excess real property tax credit for certain qualified taxpayers.

Go to top A04672 Actions:

BILL NOA04672 

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02/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04672 Committee&nbspVotes:

Go to topA04672 Floor&nbspVotes:

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

Go to topA04672 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4672

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

 Introduced by M. of A. EACHUS, BURDICK, STERN, OTIS, LUNSFORD -- read
 once and referred to the Committee on Ways and Means

 AN ACT to amend the tax law, in relation to improving the real property
 tax relief 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, paragraph 2, subparagraphs
 2 (A), (B) and (C) of paragraph 3, paragraph 4 and subparagraph (A) of
 3 paragraph 6 of subsection (e-2) of section 606 of the tax law, as added
 4 by section 1 of part III of chapter 59 of the laws of 2021, are amended
 5 to read as follows:
 6 (E) "Excess real property tax" means the excess of qualifying real
 7 property taxes over [six] five percent of qualified gross income.
 8 (2) For tax years beginning on or after [January first, two thousand
 9 twenty-one and before] January first, two thousand [twenty-four] twen-
 10 ty-six, a qualified taxpayer shall be allowed a credit as provided in
 11 paragraph three of this subsection against the taxes imposed by this
 12 article. If the credit exceeds the tax for such year under this article,
 13 the excess shall be treated as an overpayment, to be credited or
 14 refunded, without interest.
 15 (A) For qualified taxpayers whose qualified gross income is seventy-
 16 five thousand dollars or less, the applicable percentage shall be [four-
 17 teen] twenty percent.
 18 (B) For qualified taxpayers whose qualified gross income is greater
 19 than seventy-five thousand dollars but less than or equal to one hundred
 20 fifty thousand dollars, the applicable percentage shall be the differ-
 21 ence between (i) [fourteen] twenty percent and (ii) five percent multi-
 22 plied by a fraction, the numerator of which is the difference between
 23 the qualified taxpayer's qualified gross income as defined by this
 24 subsection and seventy-five thousand dollars, and the denominator of
 25 which is seventy-five thousand dollars.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07844-01-5

 A. 4672 2

 1 (C) For qualified taxpayers whose qualified gross income is greater
 2 than one hundred fifty thousand dollars but less than or equal to [two]
 3 three hundred fifty thousand dollars, the applicable percentage shall be
 4 the difference between (i) [nine] fifteen percent and (ii) six percent
 5 multiplied by a fraction, the numerator of which is the difference
 6 between the qualified taxpayer's qualified gross income and one hundred
 7 fifty thousand dollars, and the denominator of which is [one] two
 8 hundred thousand dollars.
 9 (4) [No credit shall be allowed under this subsection if the amount
 10 determined pursuant to paragraph three is less than two hundred fifty
 11 dollars, provided further that if] If the amount determined pursuant to
 12 paragraph three is in excess of [three] fifteen hundred [fifty] dollars
 13 the taxpayer shall be allowed a credit of [three] fifteen hundred
 14 [fifty] dollars.
 15 (A) To a property owner if qualified gross income for the taxable year
 16 exceeds [two] three hundred fifty thousand dollars.
 17 § 2. This act shall take effect immediately and shall apply to taxable
 18 years beginning on or after January 1, 2026.

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