File #: Int 0066-1998    Version: * Name: SCHE, Veteran's Disablity
Type: Introduction Status: Filed
Committee: Committee on Finance
On agenda: 1/22/1998
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to the Senior Citizen Homeowners Exemption ( SCHE ).
Sponsors: Peter F. Vallone, Thomas K. Duane, Julia Harrison, Kenneth K. Fisher, Helen M. Marshall, Madeline T. Provenzano, Thomas White, Stephen J. Fiala, John Fusco, Victor L. Robles, Martin J. Golden, Alphonse Stabile, Thomas V. Ognibene, Stephen DiBrienza, Howard L. Lasher, Sheldon S. Leffler, Stanley E. Michels, John D. Sabini, Juanita E. Watkins, Michael J. Abel
Council Member Sponsors: 20
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
2/5/1998*Peter F. Vallone Committee on Finance Laid Over by Committee  Action details Meeting details Not available
2/5/1998*Peter F. Vallone Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
2/4/1998*Peter F. Vallone Legislative Documents Unit Printed Item Laid on Desk  Action details Meeting details Not available
1/22/1998*Peter F. Vallone City Council Referred to Comm by Council  Action details Meeting details Not available
1/22/1998*Peter F. Vallone City Council Introduced by Council  Action details Meeting details Not available
Int. No. 66
 
By The Speaker (Council Member Vallone), Council Members Harrison, Duane, Fisher, Marshall, Provenzano, White, Fiala, Fusco, Golden and Ognibene; also Council Members DiBrienza, Lasher, Leffler, McCaffrey, Michels, Sabini, Watkins and Abel.
 
 
A Local Law to amend the administrative code of the city of New York, in relation to the Senior Citizen Homeowners Exemption ( SCHE ).
 
 
Be it enacted by the Council as follows:
 
         Section 1.  Paragraph (a) of subdivision 3 of section 11-245.3 of the administrative code of the city of New York, as last amended by local law 34 for the year 1997, is hereby amended to read as follows:
         (a) if the income of the owner or the combined income of the owners of the property exceeds the sum of eighteen thousand five hundred dollars for the income tax year immediately preceding the date of making application for exemption.  Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year.  Where title is vested in either the husband or the wife, their combined income may not exceed such sum, except where the husband or wife, or ex-husband or ex-wife is absent from the property as provided in subparagraph (ii) of paragraph (d) of this subdivision, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum.  Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings, and net income from self-employment, but shall not include gifts, inheritances, or a return of capital, and veterans disability compensation, as defined in title 38 of the United States Code, and any such income shall be offset by all medical and prescription drug expenses actually paid which were not reimbursed or paid for by insurance. In computing net rental income and net income from self-employment no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production or income;
 
         ยง2.  This local law shall take effect immediately.
 
         Referred to the Committee on Finance.