Assembly Bill A9717

2023-2024 Legislative Session

Establishes the first-time homebuyer tax credit act

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Current 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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2023-A9717 (ACTIVE) - Details

See Senate Version of this Bill:
S8826
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-A9717 (ACTIVE) - Summary

Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.

2023-A9717 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9717
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing the "first-time
   homebuyer tax credit act"
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "first-time homebuyer tax credit act".
   § 2. Legislative findings. The Legislature finds that homeownership is
 one of the most critical tools  to  economic  security  and  prosperity.
 Homeownership  is  one of the most effective ways to create intergenera-
 tional transfers of  wealth  which  many  underserved  and  marginalized
 communities  have  historically  been  unable to achieve.   However, the
 Legislature also finds that New York has become increasingly  unafforda-
 ble for many first-time homebuyers due to burdensome regulation that has
 crippled  the development of housing stock and kept prices high, as well
 as exorbitant property  taxes  that  price  out  many  individuals  from
 putting  down  roots  in  our  communities. Many children, upon reaching
 adulthood, are forced to move away from  the  towns  they  grew  up  in,
 simply because they cannot afford to live there. Therefore, the Legisla-
 ture  deems  it  necessary  to  provide first-time homebuyers with a tax
 credit that will make it easier for them to be able to start  and  main-
 tain their lives here in our great state.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ppp) to read as follows:
   (PPP) FIRST-TIME HOMEBUYER TAX CREDIT. (1) ALLOWANCE  OF  CREDIT.  (A)
 NOTWITHSTANDING  ANY  PROVISION  IN  LAW  TO  THE  CONTRARY, A QUALIFIED
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE  TAXES  IMPOSED  BY  THIS
 ARTICLE  FOR  TAXES  LEVIED ON THE TAXPAYER'S PRIMARY RESIDENCE BY OR ON
 BEHALF OF ANY COUNTY, CITY, TOWN, VILLAGE, OR SCHOOL DISTRICT  IN  WHICH
 SUCH  PROPERTY  IS  LOCATED. IF THE CREDIT EXCEEDS THE TAX AS SO REDUCED
 FOR SUCH YEAR UNDER THIS ARTICLE, THE EXCESS  SHALL  BE  TREATED  AS  AN
 OVERPAYMENT,  TO  BE CREDITED OR REFUNDED, WITHOUT INTEREST. IF A QUALI-
 FIED TAXPAYER IS NOT REQUIRED TO FILE A RETURN PURSUANT TO  SECTION  SIX
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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