senate Bill S233

2009-2010 Legislative Session

Establishes a mortgage interest credit against personal income tax

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


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

do you support this bill?

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2010 referred to investigations and government operations
Jan 07, 2009 referred to investigations and government operations

S233 - Bill Details

See Assembly Version of this Bill:
A345
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law

S233 - Bill Texts

view summary

view 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.

The purpose of this legislation is to make purchasing a home in New
York State a more viable opportunity. This would provide new
homebuyers with another incentive to buy a home in New York and
hopefully save money via the personal income tax credit.

LEGISLATIVE HISTORY :
2007-08, S.145; 2005-06, S.3148.

FISCAL IMPLICATIONS :
To be determined.

EFFECTIVE DATE :
This act shall take effect immediately.
view full text
The Bill text is not available.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.