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Sponsors
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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.
Relates to a residential housing downpayment credit
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S809
Title of bill
An act to amend the tax law, in relation to a residential housing downpayment credit against the tax on personal income
Purpose
Relates to a residential housing down payment credit.
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (r-I).
Justification
It is the goal of this legislation to increase housing opportunities for individuals across the State. This bill would provide homebuyers with an opportunity to receive a credit against the personal income tax for any down payment made on the purchase of a principal residence located within New York State. Any tax credit not used in the taxable year in which the residence was purchased may be carried forward until the full credit has been allowed.
Down payments are normally difficult to make for many homebuyers and by providing them with an opportunity to receive a tax credit up to 10% of the purchase price or $25,000 (whichever is less), New York State is seeking to address the affordable housing crisis facing many areas, namely Long Island.
Legislative history
2009-2010, S.235; 2007-08, S.143; 2005-06, S.3147.
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.