assembly Bill A3316

2013-2014 Legislative Session

Grants tax credit for downpayment made on residential housing

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2014 held for consideration in ways and means
Jan 08, 2014 referred to ways and means
Jan 24, 2013 referred to ways and means

Co-Sponsors

Multi-Sponsors

A3316 (ACTIVE) - Details

See Senate Version of this Bill:
S2047
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5819, S1094
2011-2012: A2575, S762
2015-2016: A3193, S2769
2017-2018: A3883, S851
2019-2020: A6124, S1001, S4858
2021-2022: A5666

A3316 (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.

A3316 (ACTIVE) - Bill Text download pdf 

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

                                  3316

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 24, 2013
                               ___________

Introduced  by  M.  of A. FITZPATRICK, FINCH, McKEVITT, GIGLIO -- Multi-
  Sponsored by -- M. of A.  BARCLAY, KOLB, RABBITT, THIELE -- read  once
  and referred to the Committee on Ways and Means

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.
                                                           LBD05993-01-3