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Proposal Extends Lucrative Tax Exemption To Active Duty

Proposal Extends Lucrative Tax Exemption To Active Duty

ALBANY, N.Y. (AP) _ A lucrative property tax break for veterans could be extended to New York families with a member on active duty.

The Tax Relief for Active Military Service bill would allow active duty service members or their spouses to benefit from a 10-percent tax exemption based on the assessed value of their home. The exemption would be capped at $10,000 for most homes.

Currently, families can only get the tax break once a member leaves military service.

Attorney General Eric Schneiderman, who's pushing the bill, says Thursday there are nearly 25,000 people living in New York on active duty.

The organization Iraq and Afghanistan Veterans of America supports the measure.

The bill already had several sponsors in the state Legislature, which could consider it as early as January.

 

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