What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Print number 1931c
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Print number 1931b
- Amend and recommit to investigations and government operations
- Print number 1931a
- Amend and recommit 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.
Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less
In Assembly Committee · Ways And Means · Sponsor Michael DenDekker
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1931C
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 within the year after purchase. 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
2011-2012: S.1266-A - Referred to Investigation and Government Operations. 2013: S. 1931B - Referred to Investigations and Government Operations.
Fiscal implications
$4 million in Fiscal years 2012-2014. Cost would be offset the additional taxes generated by the construction of new homes.
Effective date
This act shall take effect on the thirtieth day after it has become a law 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.