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Tax Exemption For New Homeowners Among Laws To Take Effect January 1, 2002
Thursday, December 20, 2001
Senate Majority Leader Joseph L. Bruno today announced that laws designed to help young families achieve their dream of owning their first home will be among new laws to take effect January 1. Also to take effect on January 1 are laws to help make long term care insurance more affordable for many New Yorkers; help prevent teenage smoking; help more seniors keep their homes by expanding eligibility for STAR property tax cuts; and protect local governments that receive bad checks.
�Throughout the past decade New York has enjoyed a nearly unprecedented period of economic growth and prosperity,� said Senator Bruno. �While the events of September 11 certainly had a devastating effect on our state�s economy, we must not abandon our commitment to lowering taxes and making it more affordable to live and work in New York State.�
Property Tax Exemptions for First Time Homebuyers -- Chapter 529 (S. 3135, LaValle) Under this law, localities across New York will have the option of allowing a partial real property tax exemption for a maximum of five years for first time homeowners of newly constructed homes. The legislation is designed to help and encourage New Yorkers purchase low to moderately priced new homes in New York and to keep them from relocating out of state. Not only will this help keep New Yorkers here in the Empire State, but it will help New York businesses compete for and attract new, qualified employees.
�There are many young people who would like to live and work in the communities they have grown up in.� said Senator Kenneth LaValle (R-C, Port Jefferson). �It is my hope that this measure, combined with the current lending rates, will help ease the financial strain in making the American Dream a reality and allow localities the opportunity to create a positive climate for economic growth.�
�Buying a home has always been key part of the American Dream, but, unfortunately, buying a home has also been very difficult for even middle class New Yorkers -- especially downstate,� said Senator Bruno. �This law will help young families move from an apartment to a new home and help businesses attract the very best employees to New York.�
Making Tobacco Products Less Accessible to Children and Harder to Obtain -- Chapter 568 (S. 4545, Hannon)
This law requires businesses in New York to store cigarettes and other tobacco products in areas that are accessible only by store personnel by prohibiting the use of self-service displays of tobacco products in retail establishments. This would not apply to establishments that restrict admission to people who are at least 18 years of age. These displays, which are often unmonitored, make it much easier for children to steal cigarettes and other tobacco products. In fact, a recent study indicated that over 50 percent of regular smokers in ninth grade admitted to stealing cigarettes -- making shoplifting their principal means of procurement
�There is no reason that cigarettes should be as visible as soda or cereal to our children,� said Senator Hannon. �By keeping tobacco products behind the counter under lock, this law represents yet another example of our ongoing efforts to curb smoking among teenagers.�
�In New York State, 87,000 children begin smoking each year and it is our responsibility to continue to address this problem,� said Senate Majority Leader Joseph L. Bruno. �This common- sense law, by literally putting cigarettes and other tobacco products out of their reach, makes it harder for minors to steal these products and sends our children a strong message about the dangers inherent with smoking.�
Tax Breaks For More New Yorkers With Long-Term Care Insurance -- Chapter 417 (S. 3376, Alesi)
As the population ages, access to high-quality, reliable long-term health care has become increasingly important. Under present law, New York residents with qualified long-term care insurance are eligible to receive a 10% tax deduction or credit for their insurance premiums on their state income taxes. New Yorkers who use out-of-state insurance companies, however, have found it exceedingly difficult to be eligible for the tax credit. This law will streamline and simplify the process in order to make the tax credit available to more New Yorkers with long-term care insurance plans.
�Long term care insurance is a great way for many individuals and families in New York State to protect themselves, and assure quality care in the event that they should need long-term medical attention,� said Senator James S. Alesi (R-C, Perinton). �As a member of the Committee on Insurance, I am pleased to have worked with Senator Bruno to open the door for all New Yorkers, regardless of their insurer�s location, to receive a tax deduction on the cost of their long-term-care insurance premiums.�
�Affordable long term care insurance is an important part of our efforts to maintain a good quality of life for senior citizens in New York,� said Senator Bruno. �This law will help make this valuable insurance accessible to more New York families.�
Property Tax Breaks For More New York Senior Citizens -- Chapter 199 (S. 1895, Maziarz)
For the last four years the popular STAR program has provided needed relief from rising local property taxes for middle to low income New Yorkers -- especially senior citizens on fixed incomes. Under current law, however, senior citizens who care for grandchildren, foster children, or other members of the extended family at their residence are ineligible for the property tax relief. This law would allow local school districts to grant these caregivers the same exemptions as all low income seniors.
�Our seniors are increasingly finding themselves responsible for the daily care of their grandchildren, a responsibility with often brings with it unanticipated financial demands,� said Senator George D. Maziarz (R-C, North Tonawanda). �For low-income seniors, these added financial responsibilities can be particularly burdensome. Therefore, school districts should be given authorization to treat these seniors as they would all other low-income seniors.�
�The Senate Majority has been committed to lowering property taxes for senior citizens, said Senator Bruno. �Seniors who provide the primary care for school age children are clearly a valuable resource for any community, and making low income seniors eligible for property tax exemptions will only help them as they raise responsible young men and women.�
Protecting Municipalities From Bad or Returned Checks -- Chapter 474 (S. 581-A, DeFrancisco)
Unlike most businesses, municipalities can -- under present law -- only charge a fee if a check is returned for insufficient funds. Moreover, instead of the standard $20 fee, municipalities are authorized to charge only $15. As of January 1, municipalities will be able to charge the $20 fee for checks that are returned because the account was closed, payment was stopped and for insufficient funds.
�Municipalities collect payments from individuals and businesses for a variety of reasons, ranging for the payment of taxes to the granting of a fishing license,� said Senator John DeFrancisco (R-C, Syracuse). �As a result, a large volume of these payments are made by check or other written order. Increasing the amount a municipality may charge for a returned check will help reduce the costs localities incur when having to process checks that are not honored. It will also place municipalities closer to the number usually charged by banks for returned checks�
�This law will help cities, villages, and towns pay for cost of processing returned checks and discourage people from writing bad checks to pay for municipal services,� said Senator Bruno.
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