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
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.