senate Bill S809

2011-2012 Legislative Session

Relates to a residential housing downpayment credit

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

S809 - Details

See Assembly Version of this Bill:
A525
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S235, A343

S809 - Summary

Relates to a residential housing downpayment credit; provides that such tax credit is in the amount of 10 percent of the purchase price, or twenty-five thousand dollars, whichever is less.

S809 - Sponsor Memo

S809 - Bill Text download pdf

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

    S. 809                                                    A. 525

                       2011-2012 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations

IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
  to the Committee on Ways and Means

AN  ACT to amend the tax law, in relation to a residential housing down-
  payment credit against the tax on personal income

  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) RESIDENTIAL HOUSING DOWNPAYMENT CREDIT. (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 PRINCIPAL  RESI-
DENCE  LOCATED  WITHIN THE STATE OF NEW YORK. ANY TAX CREDIT NOT USED IN
THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS  PURCHASED  MAY  BE  CARRIED
FORWARD UNTIL THE FULL CREDIT HAS BEEN ALLOWED.
  (2)  THE  AGGREGATE  AMOUNT  OF  THE  TAX  CREDIT  ALLOWED  UNDER THIS
SUBSECTION SHALL NOT EXCEED TEN PERCENT OF THE PURCHASE PRICE  OR  TWEN-
TY-FIVE THOUSAND DOLLARS, WHICHEVER IS LESS.
  (3)  THE  PROVISIONS  OF THIS SUBSECTION SHALL ONLY APPLY TO TAXPAYERS
WHOSE HOUSEHOLD INCOME IS EQUAL TO OR BELOW THE MEDIAN HOUSEHOLD  INCOME
IN THE COUNTY IN WHICH THE RESIDENCE IS LOCATED.
  (4)  THE  PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO A TAXPAYER
WHO HAS NOT OWNED A PRINCIPAL RESIDENCE WITHIN THE PRECEDING FIVE  YEARS
OF THE PURCHASE OF THE RESIDENCE FOR WHICH THE CREDIT IS CLAIMED.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03754-01-1

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