Do you support this bill?

Assembly Bill A7125

2009-2010 Legislative Session

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

Bill Amendments

2009-A7125 - Details

Current Committee:
Assembly Ways And Means
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A4660

2009-A7125 - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

2009-A7125 - Bill Text download pdf 

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

                                  7125

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2009
                               ___________

Introduced  by  M. of A. V. LOPEZ, COLTON, PHEFFER, ROBINSON, BENEDETTO,
  GREENE, SPANO, PERALTA, RAIA, COOK, MOLINARO -- Multi-Sponsored by  --
  M.  of  A.  BALL,  BOYLAND,  CASTRO,  CHRISTENSEN, CROUCH, CYMBROWITZ,
  ESPAILLAT, GIGLIO, HIKIND, HOOPER,  JAFFEE,  JOHN,  LENTOL,  P. LOPEZ,
  MAISEL,  MAYERSOHN,  McKEVITT,  MENG,  ORTIZ, PEOPLES, THIELE, TITONE,
  TOBACCO, WRIGHT -- read once and referred to the Committee on Ways and
  Means

AN ACT to amend the tax law, in relation to providing a personal  income
  tax credit for the purchase of a new home

  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 (qq) to read as follows:
  (QQ)  REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A
CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX  IMPOSED  BY  THIS
ARTICLE  FOR  THE  PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE
CREDIT SHALL BE SEVEN THOUSAND DOLLARS. THE CREDIT MAY ONLY BE TAKEN FOR
THE TAXPAYER'S FIRST THREE YEARS OF OWNERSHIP OF THE ELIGIBLE REAL PROP-
ERTY.
  (2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR  ANY
TAXABLE  YEAR  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
BUT  WHO  ARE  REQUIRED  TO  DETERMINE THEIR STATE TAXES SEPARATELY, THE
CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE  APPLIED  AGAINST  THE
TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
  (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE REAL PROP-
ERTY"  SHALL  MEAN A ONE OR TWO FAMILY RESIDENCE IN THIS STATE PURCHASED
FOR ONE MILLION DOLLARS OR LESS THAT IS THE  PRIMARY  RESIDENCE  OF  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09758-01-9

2009-A7125A - Details

Current Committee:
Assembly Ways And Means
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A4660

2009-A7125A - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

2009-A7125A - Sponsor Memo

2009-A7125A - Bill Text download pdf 

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

                                 7125--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2009
                               ___________

Introduced  by  M. of A. V. LOPEZ, COLTON, PHEFFER, ROBINSON, BENEDETTO,
  SPANO, PERALTA, RAIA, COOK, MOLINARO, LUPARDO -- Multi-Sponsored by --
  M. of A. AMEDORE, BALL, BOYLAND, CASTRO, CHRISTENSEN, CROUCH, CYMBROW-
  ITZ,  ESPAILLAT,  GIGLIO,  HIKIND,  HOOPER,  JAFFEE,   JOHN,   LENTOL,
  P. LOPEZ,  MAISEL,  MAYERSOHN, McKEVITT, MENG, ORTIZ, PEOPLES, THIELE,
  TITONE, TOBACCO, WRIGHT -- read once and referred to the Committee  on
  Ways   and  Means  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to providing a personal  income
  tax credit for the purchase of a new home

  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 (qq) to read as follows:
  (QQ)  REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A
CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX  IMPOSED  BY  THIS
ARTICLE  FOR  THE  PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE
CREDIT SHALL BE SEVEN THOUSAND DOLLARS.  ANY AMOUNT OF  THE  TAX  CREDIT
NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE
CARRIED  FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT HAS
BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE.
  (2) IF BEFORE THE END OF A THREE YEAR PERIOD BEGINNING ON THE DATE  OF
PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER:
  (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE
REAL PROPERTY, OR
  (II)  SUCH  ELIGIBLE  REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL
RESIDENCE OF THE TAXPAYER,
THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH
SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE
PERCENTAGE OF THE CREDIT AS DETERMINED  BY  REGULATION  ADOPTED  BY  THE
COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09758-02-9

co-Sponsors

multi-Sponsors

2009-A7125B (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A4660

2009-A7125B (ACTIVE) - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

2009-A7125B (ACTIVE) - Sponsor Memo

2009-A7125B (ACTIVE) - Bill Text download pdf 

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

                                 7125--B

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2009
                               ___________

Introduced  by  M. of A. V. LOPEZ, COLTON, PHEFFER, ROBINSON, BENEDETTO,
  SPANO, PERALTA, RAIA, COOK, MOLINARO, LUPARDO, ALESSI, KOLB --  Multi-
  Sponsored  by  --  M.    of A. ABBATE, AMEDORE, BALL, BOYLAND, CASTRO,
  CHRISTENSEN, CROUCH, CUSICK, CYMBROWITZ,  ESPAILLAT,  GIGLIO,  HIKIND,
  HOOPER,  JAFFEE,  JOHN,  LATIMER, LENTOL, P. LOPEZ, MAISEL, MAYERSOHN,
  McDONOUGH, McKEVITT, MENG, ORTIZ, PEOPLES,  THIELE,  TITONE,  TOBACCO,
  WEISENBERG,  WRIGHT -- read once and referred to the Committee on Ways
  and Means -- committee discharged, bill amended, ordered reprinted  as
  amended  and recommitted to said committee -- again reported from said
  committee with amendments, ordered reprinted as amended and  recommit-
  ted to said committee

AN  ACT to amend the tax law, in relation to providing a personal income
  tax credit for the purchase of a new home

  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 (qq) to read as follows:
  (QQ) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED  A
CREDIT  AS  PROVIDED  IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS
ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE  AMOUNT  OF  THE
CREDIT  SHALL  BE  SEVEN THOUSAND DOLLARS.  ANY AMOUNT OF THE TAX CREDIT
NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE
CARRIED FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT  HAS
BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE.
  (2)  IF BEFORE THE END OF A THREE YEAR PERIOD BEGINNING ON THE DATE OF
PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER:
  (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE
REAL PROPERTY, OR
  (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED  AS  THE  PRINCIPAL
RESIDENCE OF THE TAXPAYER,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09758-04-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.