| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 04, 2012 |
referred to investigations and government operations |
| Jan 05, 2011 |
referred to investigations and government operations |
Senate Bill S762
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2011-S762 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A2575
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S1094, A5819
2013-2014: S2047, A3316
2015-2016: S2769, A3193
2017-2018: S851, A3883
2019-2020: S1001, S4858, A6124
2021-2022: A5666
2023-2024: A4884
2025-2026: A7706
2011-S762 (ACTIVE) - Summary
Grants credit against personal income tax to purchasers of residential housing in the amount of any down payment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency.
2011-S762 (ACTIVE) - Sponsor Memo
BILL NUMBER:S762
TITLE OF BILL:
An act to amend the tax law, in relation to granting to purchasers of
residential housing a credit against personal income tax in the amount
of any down payment made on such housing
PURPOSE:
This bill will encourage the purchase of residential housing by first
time home buyers by affording them a credit against a person's income
tax in the amount of any down payment.
SUMMARY OF PROVISIONS:
This bill adds a new subsection (r-1) to Section 606 of the Tax Law to
provide a taxpayer a credit against personal income tax for any down
payment made on the purchase of a one to four family residence located
within the State. Any tax credit not used in the taxable year in which
the residence was purchased could be carried forward or backwards for
the five, immediately succeeding or preceding, calendar or fiscal
years until the full credit has been allowed. In addition, the
aggregate amount of tax credit allowed could not exceed 5% of the
purchase price of the home. The tax credit would only be available to
the taxpayers who meet the eligibility requirements imposed by the
state of New York Mortgage Agency for its forward commitment loan
program.
2011-S762 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
762
2011-2012 Regular Sessions
I N S E N A T E
(PREFILED)
January 5, 2011
___________
Introduced by Sen. YOUNG -- 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 granting to purchasers of
residential housing a credit against personal income tax in the amount
of any downpayment made on such housing
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 (r-1) to read as follows:
(R-1) CREDIT FOR DOWNPAYMENT MADE BY PURCHASERS OF RESIDENTIAL HOUS-
ING. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
SECTION SIX HUNDRED ONE OF THIS PART FOR ANY DOWNPAYMENT MADE ON THE
PURCHASE OF A ONE- TO FOUR-FAMILY RESIDENCE LOCATED WITHIN THE STATE.
ANY TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS
PURCHASED MAY BE CARRIED FORWARD OR BACKWARDS FOR THE FIVE, IMMEDIATELY
SUCCEEDING OR PRECEDING, CALENDAR OR FISCAL YEARS UNTIL THE FULL CREDIT
HAS BEEN ALLOWED. THE AGGREGATE AMOUNT OF THE TAX CREDIT ALLOWED UNDER
THIS SUBSECTION SHALL NOT EXCEED FIVE PERCENT OF THE PURCHASE PRICE OF
THE RESIDENTIAL HOUSING.
(2) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO TAXPAYERS
WHO MEET THE ELIGIBILITY REQUIREMENTS IMPOSED BY THE STATE OF NEW YORK
MORTGAGE AGENCY FOR ITS FORWARD COMMITMENT LOAN PROGRAM PURSUANT TO
ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW.
S 2. This act shall take effect immediately and shall apply to taxable
years commencing on or after the first of January next succeeding the
date on which it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02508-01-1
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