New York S 6342: Establishes a real property tax exemption for veterans with a 100 percent service connected disability

Bill Text

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S06342 Summary:

BILL NOS06342 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Establishes the renters' and small homeowners' credit in a city with a population of one million or more.

Go to top S06342 Actions:

BILL NOS06342 

&nbsp

03/11/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS06342 Committee&nbspVotes:

Go to topS06342 Floor&nbspVotes:

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

Go to topS06342 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6342

 2025-2026 Regular Sessions

 IN SENATE

 March 11, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing a renters' and
 small homeowners' 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 (b-1) to read as follows:
 3 (b-1) Renters' and small homeowners' credit in a city with a popu-
 4 lation of one million or more.
 5 (1) For the purposes of this subsection:
 6 (A) "Qualified taxpayer" means a resident individual who lives in a
 7 city with a population of one million or more who has occupied and paid
 8 rent for such individual's primary residence in such city for six months
 9 or more of the taxable year, is required or chooses to file a return
 10 under this article, and (i) is sixty-five years of age or older, (ii) is
 11 filing a joint return with a spouse who is sixty-five years of age or
 12 older, (iii) is a head of household, (iv) is a married individual filing
 13 a joint return with a spouse and has at least one dependent, (v) is a
 14 married individual filing a separate return and has at least one depend-
 15 ent, or (vi) is a surviving spouse and has at least one dependent. For
 16 purposes of this subsection "qualified taxpayer" shall also include the
 17 owner of any dwelling with six units or less in a city with a population
 18 of one million or more who occupies such dwelling as their primary resi-
 19 dence for six months or more of the taxable year and who is required or
 20 chooses to file a return under this article. An individual cannot be a
 21 qualified taxpayer if such individual is an individual with respect to
 22 whom a deduction under subsection (c) of section 151 of the internal
 23 revenue code is allowable to another taxpayer for the taxable year or
 24 pays rent for such individual's primary residence to a family member
 25 sharing the same primary residence. A family member of an individual is

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10007-01-5

 S. 6342 2

 1 the individual's spouse, sibling, parent, grandparent, child, grand-
 2 child, parent's sibling, or parent's sibling's child, related to the
 3 individual by blood, marriage or adoption.
 4 (B) "Residence" means a dwelling in a city with a population of one
 5 million or more and may consist of a part of a multi-dwelling or multi-
 6 purpose building including a cooperative or condominium, one, two or
 7 three family dwellings and rental units within a single dwelling which
 8 are either owner-occupied or rented by a qualified taxpayer. Residence
 9 includes a trailer or mobile home, used exclusively for residential
 10 purposes and defined as real property pursuant to paragraph (g) of
 11 subdivision twelve of section one hundred two of the real property tax
 12 law.
 13 (2) (A) A qualified taxpayer shall be allowed a credit as provided in
 14 this subsection against the taxes imposed by this article reduced by the
 15 credits permitted by this article. If the credit exceeds the tax as so
 16 reduced for such year under this article, the excess shall be treated as
 17 an overpayment of tax to be credited or refunded in accordance with the
 18 provisions of section six hundred eighty-six of this article, provided,
 19 however, that no interest shall be paid thereon. If a qualified taxpayer
 20 is not required to file a return pursuant to section six hundred fifty-