File #: Int 0722-2005    Version: * Name: Allowable income deductions for determining income eligibility under the Senior Citizen Homeowners Exemption (SCHE).
Type: Introduction Status: Enacted
Committee: Committee on Aging
On agenda: 9/28/2005
Enactment date: 11/15/2005 Law number: 2005/093
Title: A Local Law to amend the administrative code of the city of New York, in relation to allowable income deductions for determining income eligibility under the Senior Citizen Homeowners Exemption (SCHE).
Sponsors: Vincent J. Gentile, Gifford Miller, Joseph P. Addabbo, Jr., Maria Baez, Gale A. Brewer, Leroy G. Comrie, Jr., Lewis A. Fidler, James F. Gennaro, Alan J. Gerson, Sara M. Gonzalez, Letitia James, John C. Liu, Michael E. McMahon, Hiram Monserrate, Michael C. Nelson, Domenic M. Recchia, Jr., James Sanders, Jr., Larry B. Seabrook, Kendall Stewart, David I. Weprin, David Yassky, Christine C. Quinn, Helen Sears, Tony Avella, Tracy L. Boyland, Melinda R. Katz, G. Oliver Koppell, Robert Jackson, Betsy Gotbaum
Council Member Sponsors: 29
Attachments: 1. Committee Report, 2. Fiscal Impact Statement, 3. Hearing Transcript, 4. Hearing Transcript - Stated Meeting 10/27/05, 5. Local Law
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
11/16/2005*Vincent J. Gentile City Council Recved from Mayor by Council  Action details Meeting details Not available
11/15/2005*Vincent J. Gentile Mayor Signed Into Law by Mayor  Action details Meeting details Not available
11/15/2005*Vincent J. Gentile Mayor Hearing Held by Mayor  Action details Meeting details Not available
10/27/2005*Vincent J. Gentile City Council Sent to Mayor by Council  Action details Meeting details Not available
10/27/2005*Vincent J. Gentile City Council Approved by CouncilPass Action details Meeting details Not available
10/17/2005*Vincent J. Gentile Committee on Aging Hearing Held by Committee  Action details Meeting details Not available
10/17/2005*Vincent J. Gentile Committee on Aging Approved by CommitteePass Action details Meeting details Not available
9/28/2005*Vincent J. Gentile City Council Referred to Comm by Council  Action details Meeting details Not available
9/28/2005*Vincent J. Gentile City Council Introduced by Council  Action details Meeting details Not available

Int. No. 722

 

By Council Members Gentile, The Speaker (Council Member Miller), Addabbo Jr., Baez, Brewer, Comrie, Fidler, Gennaro, Gerson, Gonzalez, James, Liu, McMahon, Monserrate, Nelson, Recchia Jr., Sanders Jr., Seabrook, Stewart, Weprin, Yassky, Quinn, Sears, Avella, Boyland, Katz, Koppell, Liu, Monserrate, Weprin, Jackson and The Public Advocate (Ms. Gotbaum)

 

A Local Law to amend the administrative code of the city of New York, in relation to allowable income deductions for determining income eligibility under the Senior Citizen Homeowners Exemption (SCHE). 

 

Be it enacted by the Council as follows:

Section 1. Paragraph a of subdivision 3 of section 11-245.3 of the administrative code of the city of New York, as last amended by local law number 68 for the year 2003, is hereby amended to read as follows:

(a) if the income of the owner or the combined income of the owners of the property exceeds the sum of twenty-four thousand dollars for the income tax year immediately preceding the date of making application for exemption. Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year. Where title is vested in either the husband or the wife, their combined income may not exceed such sum, except where the husband or wife, or ex-husband or ex-wife is absent from the property as provided in subparagraph (ii) of paragraph (d) of this subdivision, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings, and net income from self-employment, but shall not include gifts, inheritances, [or] a return of capital, payments made to individuals because of their status as victims of Nazi persecution as defined in P.L. 103-286, monies earned through employment in the federal foster grandparent program, and veterans disability compensation[,] as defined in title 38 of the United States Code, and any such  income  shall  be  offset  by  all  medical  and prescription drug expenses actually  paid  which  were  not  reimbursed  or  paid  for  by insurance.   In   computing net rental income and net income from self-employment no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income.

§2. This local law shall take effect immediately.

 

LS# 3506

SS

9/21/05