New York S 3303: Relates to discrimination based upon the income of persons

Bill Text

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S03303 Summary:

BILL NOS03303 

&nbsp

SAME ASNo Same As

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SPONSORWEIK

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Provides a real property tax relief credit and an enhanced real property tax circuit breaker credit for certain taxpayers who meet income requirements and other eligibility.

Go to top S03303 Actions:

BILL NOS03303 

&nbsp

01/24/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03303 Committee&nbspVotes:

Go to topS03303 Floor&nbspVotes:

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

Go to topS03303 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3303

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. WEIK -- 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 providing a property tax
 relief credit and an enhanced 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. Section 606 of the tax law is amended by adding a new
 2 subsection (n-3) to read as follows:
 3 (n-3) Property tax relief credit. (1) An individual taxpayer who meets
 4 the eligibility standards in paragraph two of this subsection shall be
 5 allowed a credit against the taxes imposed by this article in the amount
 6 specified in paragraph three of this subsection beginning in tax year
 7 two thousand twenty-six.
 8 (2) To be eligible for the credit, the taxpayer or taxpayers filing a
 9 joint tax return for the taxable year two years prior, must have (i)
 10 been a resident, (ii) owned and primarily resided in real property
 11 receiving either the STAR exemption authorized by section four hundred
 12 twenty-five of the real property tax law or the school tax relief credit
 13 authorized by subsection (eee) of this section, and (iii) had qualified
 14 gross income no greater than two hundred seventy-five thousand dollars.
 15 Provided, however, that no credit shall be allowed if any of the follow-
 16 ing apply:
 17 (A) Such property is located in an independent school district that is
 18 subject to the provisions of section two thousand twenty-three-a of the
 19 education law and that has adopted a budget in excess of the tax levy
 20 limit prescribed by that section. To render its taxpayers eligible for
 21 the credit authorized by this subsection, the school district must
 22 certify its compliance with such tax levy limit in the manner prescribed
 23 by subdivision two of section two thousand twenty-three-b of the educa-
 24 tion law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05390-01-5

 S. 3303 2

 1 (B) Such property is located in a city with a dependent school
 2 district that is subject to the provisions of section three-c of the
 3 general municipal law and that has adopted a budget in excess of the tax
 4 levy limit prescribed by that section. To render its taxpayers eligible
 5 for the credit authorized by this subsection, the city must certify its
 6 compliance with such tax levy limit in the manner prescribed by subdivi-
 7 sion two of section three-c of the general municipal law.
 8 (C) Such property is located in the city of New York.
 9 (3) Amount of credit. (A) For the two thousand sixteen taxable year
 10 (i) for a taxpayer residing in real property located within the metro-
 11 politan commuter transportation district (MCTD) and outside the city of
 12 New York, the amount of the credit shall be $130; (ii) for a taxpayer
 13 residing in real property located outside the MCTD, the amount of the
 14 credit shall be $185.
 15 (B) For the two thousand twenty-six taxable year and beyond, for a
 16 taxpayer who owned and primarily resided in real property receiving the
 17 basic STAR exemption, the amount of the credit shall equal the STAR tax
 18 savings associated with such basic STAR exemption, multiplied by the
 19 following percentage:
 20 Qualified Gross Income Percentage
 21 Not over $75,000 85%
 22 Over $75,000 but not over $150,000 60%
 23 Over $150,000 but not over $200,000 35%
 24 Over $200,000 but not over $27