New York A04979 amends the definition of "income" for school tax relief exemption purposes to include 401(k) and 403(b) accounts.

New York A04979 amends the real property tax law to redefine "income" for school tax relief exemption purposes. The bill specifies that "income" means adjusted gross income as reported on federal or state income tax returns, reduced by distributions from individual retirement accounts, individual retirement annuities, 401(k) accounts, 403(b) accounts, or simplified employee pension plans. This change affects individuals applying for Enhanced STAR eligibility, particularly those with retirement accounts, by including these accounts in the income calculations for tax relief purposes.

New York A04979 amends the definition of "income" for school tax relief exemption purposes to include 401(k) and 403(b) accounts.

New York A04979 amends the real property tax law to redefine "income" for school tax relief exemption purposes. The bill specifies that "income" means adjusted gross income as reported on federal or state income tax returns, reduced by distributions from individual retirement accounts, individual retirement annuities, 401(k) accounts, 403(b) accounts, or simplified employee pension plans. This change affects individuals applying for Enhanced STAR eligibility, particularly those with retirement accounts, by including these accounts in the income calculations for tax relief purposes.