New York A01946 amends the definition of income for tax abatement on rent-controlled and rent-regulated properties occupied by seniors or persons.

New York A01946 amends the real property tax law to redefine income for tax abatement purposes for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. The bill specifies that income can be calculated from various sources, including social security and retirement benefits, public assistance, interest, dividends, and net rental income, among others. However, it excludes gifts, inheritances, and certain payments related to Nazi persecution. The amendment takes effect immediately.

New York A01946 amends the definition of income for tax abatement on rent-controlled and rent-regulated properties occupied by seniors or persons.

New York A01946 amends the real property tax law to redefine income for tax abatement purposes for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. The bill specifies that income can be calculated from various sources, including social security and retirement benefits, public assistance, interest, dividends, and net rental income, among others. However, it excludes gifts, inheritances, and certain payments related to Nazi persecution. The amendment takes effect immediately.