NOTES: Definitions revised April 17, 2009.
"Household Gross Income" -- For purposes of the
circuit breaker calculation, includes basically all income of
all members of the household from any source, whether taxable or
not. This would include such income as municipal bond interest,
social security benefits, and child support payments, which
might not be taxable. There are some exceptions listed in the
bill.
"Property Taxes" means the net real property
taxes assessed on the residential real property owned and occupied
by the NY resident taxpayer(s) after any exemption (e.g. STAR) or
abatement received pursuant to the real property tax law. For
renters it is assumed for 2010 (the first year of renters'
eligibility) that 15% of their rent goes to pay property taxes,
rising to 20% for 2011 and after.
The complete definitions are included in the full text of the bill, available at www.omnibustaxsolution.org