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S3900Senate2009-2010 Session

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less

Sponsor Joseph P. Addabbo Jr.SD-15+4 co-sponsorsAffects Finance
Status
In Senate Committee
Finance
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Finance

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Sponsors

Primary sponsor
Joseph P. Addabbo Jr.

Senator · Senate District 15

History

  1. Reported and committed to finance
  2. Print number 3900c
  3. Amend and recommit to investigations and government operations
  4. Referred to investigations and government operations
  5. Print number 3900b
  6. Amend and recommit to finance
  7. Print number 3900a
  8. Amend and recommit to finance
  9. Reported and committed to finance
  10. Referred to investigations and government operations

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 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 $5,000 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 economy as well as provide incentive to those considering a home purchase.

Justification

Sales of existing U.S. homes in December 2009 plunged 17% - the biggest decline since records began in 1968 - to a 5.45 million annual rate from 6.54 million pace the prior month, according to the National Association of Realtors, and median sales prices rose for the first time in two years, reflecting fewer first-time buyers. For New York State, a decline in building permits - from 34,500 in June 2008 to 6,400 in June 2009 - reflected a major decrease in home sales. Single family homes in New York State fell by 16.2% alone in February 2009.

The federal government has provided home purchasers with a tax credit for first-time homebuyers and is extending this program up to mid 2010. 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 by allowing first-time home buyers to utilize a State tax credit on top of the federal government's tax-credit.

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.