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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.
Establishes a mortgage interest credit against personal income tax
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
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 establishing a mortgage interest credit against personal income tax
Purpose
Establishes a mortgage interest credit against personal income tax.
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (m-1).
Justification
This bill would authorize that a New York State taxpayer will be allowed a credit against the personal income tax for the interest paid on a mortgage by said taxpayer on a principal residence located within the State. Any tax credit not used in the taxable year in which the residence was purchased may be carried over until the credit is fully utilized. The amount of the tax credit shall not exceed 20% of the interest paid on the mortgage or $5,000, whichever is less. Eligible taxpayers cannot have an annual income more than the median household income in the county in which the resident is located. In addition, the credit will only be available to persons who have not owned a principal residence within the preceding 5 years.
The purpose of this legislation is to make purchasing a home in New York State a more viable opportunity. This would provide new homebuyers with another incentive to buy a home in New York and hopefully save money via the personal income tax credit.
Legislative history
2007-08, S.145; 2005-06, S.3148.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.