BILL NUMBER: S5375
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.
 
JUSTIFICATION:
Since 2020, New York State has lost over a half-million residents. This
staggering statistic is only one of many which speak to the clearly
present demographic issue that our state currently possesses. New York
retirees, no matter how zealous, are no longer able to ignore the obsta-
cles which force them to flee the state they once enjoyed and resided
in. The most towering of these problems are the high property taxes that
retired seniors are having even more trouble paying now due to nation-
wide inflation. Individuals above the age of 65 are reassessing their
retirement plans, and many come to the same conclusion that it would be
economically wiser to move to another state than to stay in New York
State. 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.
This is why creating a property tax credit for individuals 65 years of
age and older would incentive our older population to stay in this
state, as well as enable them to maintain the steady retirement plans
our hard working retirees deserve.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S.7593, referred to Budget
 
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, 2025.

Statutes affected:
S5375: 606 tax law