New York S06473 amends the real property tax law to adjust pension income calculations for tax abatements on rent-controlled and rent-regulated.

New York S06473 amends the real property tax law to modify how pension income is calculated for tax abatements on rent-controlled and rent-regulated properties. Specifically, it allows for the deduction of all income and social security taxes from pension income. This income includes social security and retirement benefits, supplemental security income, public assistance benefits, interest, dividends, net rental income, salary or earnings, and net income from self-employment. However, it excludes gifts, inheritances, payments to victims of Nazi persecution, and increases in benefits.

New York S06473 amends the real property tax law to adjust pension income calculations for tax abatements on rent-controlled and rent-regulated.

New York S06473 amends the real property tax law to modify how pension income is calculated for tax abatements on rent-controlled and rent-regulated properties. Specifically, it allows for the deduction of all income and social security taxes from pension income. This income includes social security and retirement benefits, supplemental security income, public assistance benefits, interest, dividends, net rental income, salary or earnings, and net income from self-employment. However, it excludes gifts, inheritances, payments to victims of Nazi persecution, and increases in benefits.