senate Bill S1931C

2013-2014 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 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
Feb 12, 2014 print number 1931c
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
Apr 16, 2013 print number 1931b
amend and recommit to investigations and government operations
Mar 19, 2013 print number 1931a
amend and recommit to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

Bill Amendments

Original
A
B
C (Active)
Original
A
B
C (Active)

Co-Sponsors

S1931 - Details

See Assembly Version of this Bill:
A6262B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1266A
2009-2010: S3900C

S1931 - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

S1931 - Sponsor Memo

S1931 - Bill Text download pdf

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

                                  1931

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. ADDABBO -- 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 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 (vv) to read as follows:
  (VV)  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.

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

Co-Sponsors

S1931A - Details

See Assembly Version of this Bill:
A6262B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1266A
2009-2010: S3900C

S1931A - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

S1931A - Sponsor Memo

S1931A - Bill Text download pdf

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

                                 1931--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations  and  Government  Operations  --  committee  discharged,  bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

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 (vv) to read as follows:
  (VV) 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 ONE 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.

Co-Sponsors

S1931B - Details

See Assembly Version of this Bill:
A6262B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1266A
2009-2010: S3900C

S1931B - Summary

Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

S1931B - Sponsor Memo

S1931B - Bill Text download pdf

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

                                 1931--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations  and  Government  Operations  --  committee  discharged,  bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee  --  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 (ww) to read as follows:
  (WW)  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.
  (2) IF BEFORE THE END OF A ONE 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.

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

Co-Sponsors

S1931C (ACTIVE) - Details

See Assembly Version of this Bill:
A6262B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1266A
2009-2010: S3900C

S1931C (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.

S1931C (ACTIVE) - Sponsor Memo

S1931C (ACTIVE) - Bill Text download pdf

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

                                 1931--C

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations  and  Government  Operations  --  committee  discharged,  bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee  --  committee  discharged,  bill  amended,  ordered  reprinted as
  amended and recommitted  to  said  committee  --  recommitted  to  the
  Committee  on  Investigations  and Government Operations in accordance
  with Senate Rule 6, sec. 8  --  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. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered  by section 5 of part H of chapter 1 of the laws of 2003, are
relettered subsections (yyy) and (zzz) and  a  new  subsection  (xx)  is
added to read as follows:
  (XX)  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.
  (2) IF BEFORE THE END OF A ONE 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04507-09-4

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