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Assembly Bill A6341A

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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Bill Amendments

2011-A6341 - Details

See Senate Version of this Bill:
S1266
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3900
2013-2014: S1931

2011-A6341 - 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-A6341 - Bill Text download pdf 

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

                                  6341

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 15, 2011
                               ___________

Introduced  by  M.  of  A.  DenDEKKER  --  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 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,
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
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 NEWLY CONSTRUCTED ONE OR TWO FAMILY RESIDENCE IN THIS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01381-01-1

2011-A6341A (ACTIVE) - Details

See Senate Version of this Bill:
S1266
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3900
2013-2014: S1931

2011-A6341A (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-A6341A (ACTIVE) - Bill Text download pdf 

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

                                 6341--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 15, 2011
                               ___________

Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred to the
  Committee on Ways and Means -- recommitted to the  Committee  on  Ways
  and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- 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 (uu) to read as follows:
  (UU)  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,
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.
                                                           LBD01381-04-2

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