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Assembly Bill A4660

2011-2012 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

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Archive: Last Bill Status - In Assembly Committee

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2011-A4660 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A7125

2011-A4660 (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.

2011-A4660 (ACTIVE) - Bill Text download pdf 

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

                                  4660

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 4, 2011
                               ___________

Introduced  by  M. of A. V. LOPEZ, COLTON, PHEFFER, ROBINSON, BENEDETTO,
  SPANO, RAIA, COOK, MOLINARO -- Multi-Sponsored by -- M. of A. BOYLAND,
  CASTRO, CROUCH, CYMBROWITZ, GIGLIO, HIKIND,  HOOPER,  JAFFEE,  LENTOL,
  P. LOPEZ,  MAISEL,  MAYERSOHN,  McKEVITT, MENG, ORTIZ, PEOPLES-STOKES,
  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 (ss) to read as follows:
  (SS) 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01381-02-1

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