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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Grants tax credit for downpayment made on residential housing
In Assembly Committee · Ways And Means · Sponsor Michael J. Fitzpatrick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to granting to purchasers of residential housing a credit against personal income tax in the amount of any downpayment made on such housing
Purpose
This bill will encourage the purchase of residential housing by first time home buyers by affording them a credit against a person's income tax in the amount of any down payment.
Summary of provisions
This bill adds a new subsection (r-1) to Section 606 of the Tax Law to provide a taxpayer a credit against personal income tax for any down payment made on the purchase of a one to four family residence located within the State. Any tax credit not used in the taxable year in which the residence was purchased could be carried forward or backwards for the five, immediately succeeding or preceding, calendar or fiscal years until the full credit has been allowed. In addition, the aggregate amount of tax credit allowed could not exceed 5% of the purchase price of the home. The tax credit would only be available to the taxpayers who meet the eligibility requirements imposed by the State of New York Mortgage Agency for its forward commitment loan program.
Justification
This bill is predicated on the belief that the State needs to encourage home ownership by attempting to make residential housing more affordable. Allowing first time home buyers or purchasers of housing in certain targeted areas to take a tax credit in the amount of any down payment will provide an added economic incentive to purchase residential housing.
Legislative history
A.5730 (2005) S.6492 (2005) S.357 (2007)
Fiscal implications
Some loss of revenue to the State, but potential increases of revenue in local real property tax collections could result.
Effective date
This act shall take effect immediately and shall apply to taxable years commencing on or after the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.