BILL NUMBER: S7593REVISED 7/12/23
SPONSOR: ASHBY
TITLE OF BILL:
An act to amend the tax law, in relation to establishing the retire
strong tax credit
PURPOSE OR GENERAL IDEA OF BILL:
This bill would create a property tax credit for individuals 65 years of
age and older. The credit would equal 50% of real property taxes paid,
not to exceed $6,500.
SUMMARY OF PROVISIONS:
Section one amends the tax law to create a personal income tax credit
for individuals 65 years of age and older who own real property in NYS.
The tax credit would equal 50% of real property taxes; however, the
credit would not exceed $6,500.
Section two sets the effective date.
JUSTIFICATION:
New York retirees, no matter how zealous, are no longer able to ignore
the obstacles which force them to flee the state they once enjoyed and
resided. The most towering of these problems are the high property
taxes.
Consequently, individuals above the age of 65 are reassessing their
retirement plans. In 2022, more people fled from New York to Florida
than any year in history. It would not be erroneous to assume that a
majority of those previous residents are either retired or plan to
retire soon, and see a better future for themselves somewhere with more
enticing tax policies. Creating a property tax credit for individuals 65
years of age and older would incentivize our older population to stay in
New York State, as well as enable them to maintain the steady retirement
plans they deserve.
PRIOR LEGISLATIVE HISTORY:
New bill
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2024.
Statutes affected: S7593: 606 tax law