Assembly Bill A345

2009-2010 Legislative Session

Establishes a mortgage interest credit against personal income tax

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A345 (ACTIVE) - Details

See Senate Version of this Bill:
S233
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2009-A345 (ACTIVE) - Summary

Establishes a mortgage interest credit against personal income tax; amount of credit shall not exceed twenty percent of the interest paid on the mortgage, or five thousand dollars, whichever is less; provides that such credit shall only be available to persons who have not owned a principal residence within the preceding five years.

2009-A345 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 233                                                    A. 345

                       2009-2010 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations

IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
  to the Committee on Ways and Means

AN  ACT  to  amend  the  tax law, in relation to establishing a mortgage
  interest credit against personal income tax

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (m-1) to read as follows:
  (M-1) MORTGAGE INTEREST CREDIT. (1) A  TAXPAYER  SHALL  BE  ALLOWED  A
CREDIT  AGAINST  THE TAX IMPOSED BY SECTION SIX HUNDRED ONE OF THIS PART
FOR INTEREST PAID ON A MORTGAGE BY A TAXPAYER ON A  PRINCIPAL  RESIDENCE
LOCATED  WITHIN  THE  STATE  OF NEW YORK. 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.
  (2) THE  AGGREGATE  AMOUNT  OF  THE  TAX  CREDIT  ALLOWED  UNDER  THIS
SUBSECTION  SHALL NOT EXCEED TWENTY PERCENT OF THE INTEREST PAID ON SUCH
MORTGAGE DURING THE TAXABLE YEAR, OR FIVE THOUSAND DOLLARS, WHICHEVER IS
LESS.
  (3) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO  A  TAXPAYER
WHOSE  HOUSEHOLD INCOME IS EQUAL TO OR BELOW THE MEDIAN HOUSEHOLD INCOME
IN THE COUNTY IN WHICH THE RESIDENCE IS LOCATED.
  (4) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO  A  TAXPAYER
WHO  HAS NOT OWNED A PRINCIPAL RESIDENCE WITHIN THE PRECEDING FIVE YEARS
OF THE PURCHASE OF THE RESIDENCE FOR WHICH THE CREDIT IS CLAIMED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01021-01-9

              

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