|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2010||referred to investigations and government operations|
|Jan 07, 2009||referred to investigations and government operations|
senate Bill S233
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S233 - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
S233 - Sponsor Memo
BILL NUMBER: S233 TITLE OF BILL : An act to amend the tax law, in relation to establishing a mortgage interest credit against personal income tax PURPOSE : Establishes a mortgage interest credit against personal income tax. SUMMARY OF PROVISIONS : Section 606 of the tax law is amended by adding a new subsection (m-1). JUSTIFICATION : This bill would authorize that a New York State taxpayer will be allowed a credit against the personal income tax for the interest paid on a mortgage by said taxpayer on a principal residence located within the State. Any tax credit not used in the taxable year in which the residence was purchased may be carried over until the credit is fully utilized. The amount of the tax credit shall not exceed 20% of the interest paid on the mortgage or $5,000, whichever is less. Eligible taxpayers cannot have an annual income more than the median household income in the county in which the resident is located. In addition, the credit will only be available to persons who have not owned a principal residence within the preceding 5 years.
S233 - Bill Text download pdf
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