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File #: Int 0835-2000    Version: * Name: Tax exemptions for low-income elderly persons.
Type: Introduction Status: Enacted
Committee: Committee on Aging
On agenda: 11/15/2000
Enactment date: 12/14/2000 Law number: 2000/071
Title: A Local Law to amend the administrative code of the city of New York, in relation to tax exemptions for low-income elderly persons.
Sponsors: Peter F. Vallone, Herbert E. Berman, Julia Harrison, Tracy L. Boyland, Una Clarke, Lucy Cruz, Noach Dear, Stephen DiBrienza, Martin Malave-Dilan, June M. Eisland, Pedro G. Espada, Kenneth K. Fisher, Kathryn E. Freed, Wendell Foster, Lloyd Henry, Karen Koslowitz, Sheldon S. Leffler, Guillermo Linares, Margarita Lopez, Helen M. Marshall, Walter L. McCaffrey, Stanley E. Michels, Gifford Miller, Eva S. Moskowitz, Michael C. Nelson, Jerome X. O'Donovan, Bill Perkins, Mary Pinkett, Morton Povman, Madeline T. Provenzano, Christine C. Quinn, Philip Reed, Jose Rivera, Annette M. Robinson, Victor L. Robles, Angel Rodriguez, John D. Sabini, Archie W. Spigner, Lawrence A. Warden, Juanita E. Watkins, Thomas White, Priscilla A. Wooten, Mark Green, Michael J. Abel, Stephen J. Fiala, Martin J. Golden, James S. Oddo, Alphonse Stabile, Thomas V. Ognibene, (in conjunction with the Mayor)
Council Member Sponsors: 50
Attachments: 1. Committee Report, 2. Fiscal Impact Statement
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/14/2000*Peter F. Vallone City Council Recved from Mayor by Council  Action details Meeting details Not available
12/14/2000*Peter F. Vallone Mayor Signed Into Law by Mayor  Action details Meeting details Not available
12/14/2000*Peter F. Vallone Mayor Hearing Held by Mayor  Action details Meeting details Not available
11/29/2000*Peter F. Vallone City Council Sent to Mayor by Council  Action details Meeting details Not available
11/29/2000*Peter F. Vallone City Council Approved by CouncilPass Action details Meeting details Not available
11/21/2000*Peter F. Vallone Committee on Aging Hearing Held by Committee  Action details Meeting details Not available
11/21/2000*Peter F. Vallone Committee on Aging Approved by CommitteePass Action details Meeting details Not available
11/15/2000*Peter F. Vallone Legislative Documents Unit Printed Item Laid on Desk  Action details Meeting details Not available
11/15/2000*Peter F. Vallone City Council Referred to Comm by Council  Action details Meeting details Not available
11/15/2000*Peter F. Vallone City Council Introduced by Council  Action details Meeting details Not available
Int. No. 835
 
By the Speaker (Council Member Vallone), and Council Members Berman, Harrison, Boyland, Clarke, Cruz, Dear, DiBrienza, Malave-Dilan, Eisland, Espada, Fisher, Freed, Foster, Henry, Koslowitz, Leffler, Linares, Lopez, Marshall, McCaffrey, Michels, Miller, Moskowitz, Nelson, O'Donovan, Perkins, Pinkett, Povman, Provenzano, Quinn, Reed, Rivera, Robinson, Robles, Rodriguez, Sabini, Spigner, Warden, Watkins, White, Wooten, The Public Advocate (Mr.Green), Abel, Fiala, Golden, Oddo, Stabile and Ognibene (in conjunction with the Mayor)
 
 
A Local Law to amend the administrative code of the city of New York, in relation to tax exemptions for low-income elderly persons.
 
 
Be it enacted by the Council as follows:
 
      Section l. Paragraph a of subdivision 3 of section ll-245.3 of the administrative code of city of New York, as last amended by local law number 38 for the year 1998, is 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 [nineteen thousand] twenty thousand five hundred 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, 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. Subdivision 7 of section 11-245.3 of the administrative code of the city of New York, as last amended by local law number 38 for the year 1998, is amended to read as follows:
7.   Notwithstanding the maximum income exemption eligibility level provided in subdivision three of this section, an exemption, subject to all other provisions of this section, shall be granted as indicated in the following schedule:
 
                                                  Percentage Valuation
Annual Income Assessed                                Exempt From Taxation
 
More than $[19,500] 20,500  but less than $[20,500] 21,500            45 per centum
$[20,500]  21,500 or more but less than $[21,500] 22,500            40 per centum
$[21,500]  22,500 or more but less than $[22,500] 23,500            35 per centum
$[22,500]  23,500 or more but less than $[23,400] 24,400            30 per centum
$[23,400]  24,400 or more but less than $[24,300] 25,300            25 per centum
$[24,300]  25,300 or more but less than $[25,200] 26,200            20 per centum
$[25,200]  26,200 or more but less than $[26,100] 27,100            15 per centum
$[26,100]  27,100 or more but less than $[27,000] 28,000            10 per centum
$[27,000]  28,000 or more but less than $[27,900] 28,900              5 per centum
 
§ 3. This local law shall take effect immediately and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after January 1, 2001.
 
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