| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Apr 27, 2010 |
reported and committed to finance |
| Jan 29, 2010 |
print number 3900c |
| Jan 29, 2010 |
amend and recommit to investigations and government operations |
| Jan 06, 2010 |
referred to investigations and government operations |
| Oct 16, 2009 |
print number 3900b |
| Oct 16, 2009 |
amend and recommit to finance |
| Jun 11, 2009 |
print number 3900a |
| Jun 11, 2009 |
amend and recommit to finance |
| Apr 28, 2009 |
reported and committed to finance |
| Apr 03, 2009 |
referred to investigations and government operations |
Senate Bill S3900
2009-2010 Legislative Session
Sponsored By
(D) 15th Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
Actions
Votes
Bill Amendments
2009-S3900 - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1266
2013-2014: S1931
2009-S3900 - Sponsor Memo
BILL NUMBER: S3900 REVISED 05/21/09
TITLE OF BILL :
An act to amend the tax law, in relation to providing a personal
income tax credit for the purchase of a new home
PURPOSE OR GENERAL IDEA OF BILL :
To provide home purchasers with a one-time seven thousand dollar state
tax credit applicable within the first three years of 'real property'
ownership. This applies to condominiums, co-ops, and one or two
family homes with a purchase price under one million dollars.
This will help stimulate the economy as well as provide an incentive
to those considering a home purchase.
JUSTIFICATION :
The federal government has introduced a similar bill providing home
purchasers with a tax credit. This bill is localized and will
stimulate not just the economy of the country but of the state in
particular as it encourages home ownership. Between March 2007 and
March 2009, single family homes have fell 46% according to the New
York State Association of Realtors. The statewide median sales price
have fell 8.5 percent since last year. Since 2006, median home prices
in the state have dropped by more than thirty thousand dollars from
$245,201 to $215,000.
2009-S3900 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3900
2009-2010 Regular Sessions
I N S E N A T E
April 3, 2009
___________
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
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
TAXPAYER. TO QUALIFY AS ELIGIBLE REAL PROPERTY, THE TAXPAYER MUST RESIDE
IN THE PROPERTY FOR AT LEAST SIX MONTHS OF EACH YEAR IN WHICH THE
TAXPAYER RECEIVES THE CREDIT PURSUANT TO THIS SUBSECTION.
S 2. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2009.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
2009-S3900A - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1266
2013-2014: S1931
2009-S3900A - Sponsor Memo
BILL NUMBER: S3900A
TITLE OF BILL :
An act to amend the tax law, in relation to providing a personal
income tax credit for the purchase of a new home
PURPOSE OR GENERAL IDEA OF BILL :
To provide home purchasers with a one-time seven thousand dollar state
tax credit applicable within the first three years of 'real property'
ownership. This applies to condominiums, co-ops, and one or two
family homes with a purchase price under one million dollars.
JUSTIFICATION :
The federal government has introduced a similar bill providing home
purchasers with a tax credit. This bill is localized and will
stimulate not just the economy of the country but of the state, in
particular, as it encourages home ownership.
To qualify as eligible real property, the taxpayer must reside in the
property as a principal residence for at least three years after the
purchase of such eligible real property.
Between March 2007 and March 2009, single family homes have fell 46%
according to the New York State Association of Realtors. The statewide
median sales price have fell 8.5 percent since last year. Since 2006,
2009-S3900A - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3900--A
2009-2010 Regular Sessions
I N S E N A T E
April 3, 2009
___________
Introduced by Sens. ADDABBO, THOMPSON -- read twice and ordered printed,
and when printed to be committed to the Committee on Investigations
and Government Operations -- reported favorably from said committee
and committed to the Committee on Finance -- 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.
(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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09758-03-9
2009-S3900B - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1266
2013-2014: S1931
2009-S3900B - Sponsor Memo
BILL NUMBER: S3900B
TITLE OF BILL :
An act to amend the tax law, in relation to providing a personal
income tax credit for the purchase of a new home
PURPOSE OR GENERAL IDEA OF BILL :
To provide purchasers of newly constructed one- or two-family
residences, including condos and co-ops, with a $7,000 state tax
credit returned to the homeowner after purchase. The purchasers can
carry the unused portion of the credit forward for three consecutive
years. This tax credit will stimulate New York's economy as well as
provide incentive to those considering a home purchase.
JUSTIFICATION :
The federal government has provided home purchasers with a tax credit
for first-time homebuyers and is considering extending it beyond its
November expiration. Building permits have seen a dramatic decline in
New York State, from 34,500 in June 2008 to 6,400 in June 2009. As of
February 2009, sales of single family homes in New York State fell by
16.2 percent. The statewide median sales price also fell by 8.5
percent last year. Since 2006 median home prices in the state have
dropped by more than thirty thousand dollars from $245,201 to
$215,000. The residential home construction industry has a positive
impact on New York State's economy. This bill would help revitalize
2009-S3900B - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3900--B
2009-2010 Regular Sessions
I N S E N A T E
April 3, 2009
___________
Introduced by Sens. ADDABBO, LANZA, THOMPSON -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- reported favorably from said
committee and committed to the Committee on Finance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- 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.
LBD09758-05-9
co-Sponsors
(D) Senate District
(R, C) 24th Senate District
(D, WF) 21st Senate District
(D) Senate District
2009-S3900C (ACTIVE) - Details
- Current Committee:
- Senate Finance
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S1266
2013-2014: S1931
2009-S3900C (ACTIVE) - Sponsor Memo
BILL NUMBER: S3900C
TITLE OF BILL :
An act to amend the tax law, in relation to providing a personal
income tax credit for the purchase of a new home
PURPOSE OR GENERAL IDEA OF BILL :
To provide purchasers of newly constructed one- or two-family
residences, including condos and co-ops, with a $5,000 state tax
credit returned to the homeowner after purchase. The purchasers can
carry the unused portion of the credit forward for three consecutive
years. This tax credit will stimulate New York's economy as well as
provide incentive to those considering a home purchase.
JUSTIFICATION :
Sales of existing U.S. homes in December 2009 plunged 17% - the
biggest decline since records began in 1968 - to a 5.45 million annual
rate from 6.54 million pace the prior month, according to the National
Association of Realtors, and median sales prices rose for the first
time in two years, reflecting fewer first-time buyers. For New York
State, a decline in building permits - from 34,500 in June 2008 to
6,400 in June 2009 - reflected a major decrease in home sales. Single
family homes in New York State fell by 16.2% alone in February 2009.
The federal government has provided home purchasers with a tax credit
2009-S3900C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3900--C
2009-2010 Regular Sessions
I N S E N A T E
April 3, 2009
___________
Introduced by Sens. ADDABBO, LANZA, THOMPSON -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- reported favorably from said
committee and committed to the Committee on Finance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- recommitted
to the Committee on Investigations and Government Operations in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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 FIVE 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.
LBD09758-06-0
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