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Who cares
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Sponsors
12 Co-sponsors
31 Multi-sponsors
- Peter Abbate
- George Amedore
- Greg Ball
- William A. Barclay
- William Boyland
- Nelson Castro
- Joan Christensen
- Clifford Crouch
- Michael Cusick
- Steven Cymbrowitz
- Adriano Espaillat
- Joseph Giglio
- Dov Hikind
- Earlene Hooper
- Ellen C. Jaffee
- Susan John
- George Latimer
- Joseph Lentol
- Peter Lopez
- Alan Maisel
- Nettie Mayersohn
- David McDonough
- Thomas McKevitt
- Grace Meng
- Felix Ortiz
- Crystal Peoples-Stokes
- Fred Thiele
- Matthew Titone
- Louis Tobacco
- Harvey Weisenberg
- Keith L.T. Wright
History
- Referred to ways and means
- Print number 7125b
- Amend and recommit to ways and means
- Print number 7125a
- Amend and recommit to ways and means
- Referred to ways and means
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A7125B
Title of bill
An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home
Purpose or general idea of bill
To provide purchasers of newly constructed one- or two-family residences, including condos and co-ops, with a $7,000 state tax credit returned to the homeowner after purchase. The purchasers can carry the unused portion of the credit forward for three consecutive years. This tax credit will stimulate New York's econ- omy as well as provide incentive to those considering a home purchase.
Justification
The federal government has provided home purchasers with a tax credit for first-time homebuyers and is considering extending it beyond its November expiration. Building permits have seen a dramatic decline in New York State, from 34,500 in June 2008 to 6,400 in June 2009. As of February 2009, sales of single family homes in New York State fell by 16.2 percent. The statewide median sales price also fell by 8.5 percent last year. Since 2006 median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000. The residential home construction industry has a positive impact on New York State's economy. This bill would help revitalize the economy while encouraging home ownership.
Prior legislative history
None - new bill.
Fiscal implications
There will be a cost to the state which does not commence until the tax year after enactment. The cost is unknown, but it would be offset by all the additional taxes generated by the construction of the home.
Effective date
This act shall take effect on the thirtieth day and shall apply to contracts executed after the effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.