New York A 10575: Creates the middle class circuit breaker tax credit and a tax reform study commission

Bill Text

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A10575 Summary:

BILL NOA10575 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHyndman

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

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Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.

Go to top A10575 Actions:

BILL NOA10575 

&nbsp

03/13/2026referred to ways and means

Go to topA10575 Committee&nbspVotes:

Go to topA10575 Floor&nbspVotes:

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

Go to topA10575 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10575

 IN ASSEMBLY

 March 13, 2026
 ___________

 Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to creating the middle class
 circuit breaker tax credit; and creating a tax reform study commission

 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 (bbb) to read as follows:
 3 (bbb) Middle class circuit breaker credit. (1) Definitions. For the
 4 purposes of this subsection:
 5 (A) "Qualified taxpayer" means a resident individual of the state who
 6 owns or rents the residential real property in which the individual
 7 resides, and has resided in such residential real property for not less
 8 than five years.
 9 (B) "Household" or "members of the household" means a qualified
 10 taxpayer or qualified taxpayers and all other persons, not necessarily
 11 related, who all reside in the residential real property owned by the
 12 taxpayer or taxpayers, and share its furnishings, facilities and accom-
 13 modations; provided that no person may be a member of more than one
 14 household at one time.
 15 (C) "Household gross income" means the aggregate adjusted gross income
 16 of all members of the household for the taxable year as reported for
 17 federal income tax purposes, or which would be reported as adjusted
 18 gross income if a federal income tax return were required to be filed,
 19 with the modifications in subsection (b) of section six hundred twelve
 20 of this article but without the modifications in subsection (c) of such
 21 section, plus any portion of the gain from the sale or exchange of prop-
 22 erty otherwise excluded from such amount; earned income from sources
 23 without the United States excludable from federal gross income by
 24 section nine hundred eleven of the internal revenue code; support money
 25 not included in adjusted gross income; nontaxable strike benefits;
 26 supplemental security income payments; the gross amount of any pension
 27 or annuity benefits to the extent not included in such adjusted gross
 28 income (including, but not limited to, railroad retirement benefits and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04715-03-6

 A. 10575 2

 1 all payments received under the federal social security act and veter-
 2 ans' disability pensions); nontaxable interest received from the state
 3 of New York, its agencies, instrumentalities, public corporations, or
 4 political subdivisions (including a public corporation created pursuant
 5 to agreement or compact with another state or Canada); workers' compen-
 6 sation; the gross amount of "loss-of-time" insurance; and the amount of
 7 cash public assistance and relief, other than medical assistance for the
 8 needy, paid to or for the benefit of the qualified taxpayer or members
 9 of the taxpayer's household. Household gross income shall not include
 10 surplus foods or other relief in kind or payments made to individuals
 11 because of their status as victims of Nazi persecution as defined in
 12 public law 103-286 or any disability compensation received by veterans
 13 on account of injury or illness incurred or aggravated during military
 14 service in the wars in Afghanistan and Iraq since September eleventh,
 15 two thousand one. Provided, further, household gross income shall only
 16 i