senate Bill S235

Relates to a residential housing downpayment credit

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Jan / 2009
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 06 / Jan / 2010
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

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Bill Details

See Assembly Version of this Bill:
A343
Versions:
S235
Legislative Cycle:
2009-2010
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law

Sponsor Memo

BILL NUMBER: S235

TITLE OF BILL :

An act to amend the tax law, in relation to a residential housing down
payment 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 :

2007-08, S.143; 2005-06, S.3147.

FISCAL IMPLICATIONS :

To be determined.

EFFECTIVE DATE :
This act shall take effect immediately.
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