§ 467-b. Tax abatement for rent-controlled and rent regulated property\noccupied by senior citizens or persons with disabilities. 1.\nDefinitions. As used in this section:\n a. "Dwelling unit" means that part of a dwelling in which a head of\nthe household resides and which is subject to either the emergency\nhousing rent control law or to the rent and rehabilitation law of the\ncity of New York enacted pursuant to the local emergency housing rent\ncontrol law, or to the emergency tenant protection act of nineteen\nseventy-four;\n b. "Head of the household" means a person (i) who is sixty-two years\nof age or older, or (ii) who qualifies as a person with a disability\npursuant to subdivision five of this section, and is entitled to the\npossession or to the use or occupancy of a dwelling unit;\n c. "Income" means:\n (i) the "adjusted gross income" for federal income tax purposes as\nreported on the applicant's federal or state income tax return for the\napplicable income tax year, subject to any subsequent amendments or\nrevisions, plus any social security benefits not included in such\nfederal adjusted gross income; provided that if no such return was filed\nfor the applicable income tax year, the applicant's income shall be\ndetermined based on the amounts that would have so been reported if such\na return had been filed; and provided further, that when determining\nincome for purposes of this section, the following conditions shall be\napplicable:\n (A) the governing body of a municipal corporation, after a public\nhearing, may adopt a local law, ordinance or resolution providing that\nany social security benefits that were not included in the applicant's\nfederal adjusted gross income shall not be considered income;\n (B) distributions received from an individual retirement account or\nindividual retirement annuity that were included in the applicant's\nfederal adjusted gross income shall not be considered income unless the\ngoverning body of a municipal corporation, after a public hearing,\nadopts a local law, ordinance or resolution providing otherwise;\n (C) the applicant's income shall be offset by all medical and\nprescription drug expenses actually paid that were not reimbursed or\npaid for by insurance, if the governing body of a municipal corporation,\nafter a public hearing, adopts a local law, ordinance or resolution\nproviding therefor;\n (D) any tax-exempt interest or dividends that were excluded from the\napplicant's federal adjusted gross income shall be considered income;\nand\n (E) any losses that were applied to reduce the applicant's federal\nadjusted gross income shall be subject to the following limitations:\n (1) the net amount of loss reported on federal Schedule C, D, E, or F\nshall not exceed three thousand dollars per schedule,\n (2) the net amount of any other separate category of loss shall not\nexceed three thousand dollars, and\n (3) the aggregate amount of all losses shall not exceed fifteen\nthousand dollars; or\n (ii) notwithstanding subparagraph (i) of this paragraph, in a city\nwith a population of one million or more persons:\n (A) the sum of the adjusted gross incomes reported on the federal\nincome tax returns of the applicant and all other members of the\napplicant's household for the most recent income tax year or years for\nwhich data is sufficiently available to determine the applicant's\neligibility for exemptions pursuant to this section, subject to any\nsubsequent amendments or revisions, less any distributions, to the\nextent included in each such adjusted gross income, received from an\nindividual retirement account or retirement annuity; provided that if no\nsuch income tax return was filed by any member of the applicant's\nhousehold for such income tax year, the income of such applicant or\nmember of the applicant's household shall be determined as if such a\nreturn had been filed;\n (B) provided, however, that income may be calculated as the income\nfrom all s
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