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Sponsors
Senator · Senate District 57
1 Co-sponsor
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
BILL NUMBER:S2769
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 homebuyers 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.
Effects of present law which this bill would alter
The bill adds a new subsection (r-1) to Section 606 of the Tax Law.
Justification
This bill is predicated on the belief that the State needs to encourage homeownership by attempting to make residential housing more affordable. Allowing first-time homebuyers 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.
Prior legislative history
2014 - A.3316 - Held in Ways and Means 2012 - A.2575 - Held in Ways and Means 2010: A.5819 - Held in Ways and Means 2008: A.4030 - Held in Ways and Means 2006: A.9609 - Held in Ways and Means 2005: A.5730 (Young) died in Ways & Means 2004: A.4632 (Young) died in Ways & Means 2003: A.4632 (Young) died in Ways & Means 2002: A.10104 (Young) died in Ways & Means
Fiscal implications
Some loss of revenue to the State, but potential increases of revenue in local real property tax collections could result.
Effective date
Immediately and would apply to the taxable year commencing on the following February.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.