A 2082: Relates to pension income and tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities.

  
  STATE OF NEW YORK ________________________________________________________________________ 2082 2025-2026 Regular Sessions  IN ASSEMBLY January 15, 2025 ___________ Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Aging AN ACT to amend the real property tax law, in relation to pension income and tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clause (B) of subparagraph (ii) of paragraph c of subdivi- 2 sion 1 of section 467-b of the real property tax law, as amended by 3 chapter 276 of the laws of 2023, is amended to read as follows: 4 (B) provided, however, that income may be calculated as the income 5 from all sources after deduction of all income and social security taxes 6 and includes social security and retirement benefits, supplemental secu- 7 rity income and additional state payments, public assistance benefits, 8 interest, dividends, net rental income, salary or earnings, and net 9 income from self-employment, but shall not include gifts or inheritanc- 10 es, payments made to individuals because of their status as victims of 11 Nazi persecution, as defined in federal P.L. 103-286, or increases in 12 benefits accorded pursuant to the social security act or a public or 13 private pension paid to any member of the household [which increase, in 14 any given year, does not exceed the consumer price index (all items 15 United States city average)] for such year which take effect after the 16 date of eligibility of head of the household receiving benefits here- 17 under whether received by the head of the household or any other member 18 of the household, when the following conditions are met: 19 (1) a rent increase exemption order was granted to the head of house- 20 hold prior to July first, two thousand twenty-four; 21 (2) such rent increase exemption order is either renewed after each 22 benefit period or granted pursuant to paragraph (d) of subdivision two 23 of this section to account for a temporary increase in income; 24 (3) income calculated as described in this subparagraph would yield a 25 lower amount than income calculated as described in subparagraph (i) of 26 this paragraph; and 27 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05818-01-5