senate Bill S2047

2013-2014 Legislative Session

Grants tax credit for downpayment made on residential housing

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

S2047 - Details

See Assembly Version of this Bill:
A3316
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S762, A2575
2009-2010: S1094, A5819

S2047 - 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.

S2047 - Sponsor Memo

S2047 - Bill Text download pdf

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

                                  2047

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

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.
                                                           LBD05993-01-3

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