Amends the definition of income for tax abatement for rent-controlled and rent-regulated properties occupied by seniors or persons with disabilities.

This bill amends the definition of income for tax abatement purposes for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. It specifies that income includes various sources such as social security, retirement benefits, public assistance, and net rental income, but excludes gifts or inheritances. The bill also outlines conditions under which certain income increases are not considered, such as when they do not exceed the consumer price index. The changes take effect immediately.

Amends the definition of income for tax abatement for rent-controlled and rent-regulated properties occupied by seniors or persons with disabilities.

This bill amends the definition of income for tax abatement purposes for rent-controlled and rent-regulated properties occupied by senior citizens or persons with disabilities. It specifies that income includes various sources such as social security, retirement benefits, public assistance, and net rental income, but excludes gifts or inheritances. The bill also outlines conditions under which certain income increases are not considered, such as when they do not exceed the consumer price index. The changes take effect immediately.