senate Bill S2047

2013-2014 Legislative Session

Grants tax credit for downpayment made on residential housing

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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 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

S2047 - Bill Details

See Assembly Version of this Bill:
A3316
Current Committee:
Senate Investigations And Government Operations
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 - Bill Texts

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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.

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BILL NUMBER:S2047

TITLE OF BILL: 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

PURPOSE: This bill will encourage the purchase of residential housing by
first time home buyers by affording them a credit against a person's
income tax in the amount of any down payment.

SUMMARY OF PROVISIONS: This bill adds a new subsection (r-1) to Section
606 of the Tax Law to provide a taxpayer a credit against personal
income tax for any down payment 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 could be carried
forward or backwards for the five, immediately succeeding or preceding,
calendar or fiscal years until the full credit has been allowed. In
addition, the aggregate amount of tax credit allowed could not exceed 5%
of the purchase price of the home. The tax credit would only be avail-
able to the taxpayers who meet the eligibility requirements imposed by
the State of New York Mortgage Agency for its forward commitment loan
program.

JUSTIFICATION: This bill is predicated on the belief that the State
needs to encourage home ownership by attempting to make residential
housing more affordable. Allowing first time home buyers or purchasers
of housing in certain targeted areas to take a tax credit in the amount
of any down payment will provide an added economic incentive to purchase
residential housing.

LEGISLATIVE HISTORY: 2011,2012: S.762/ A.2575 Referred to Investi-
gations and Government Operations 2009,2010: S.1094/A.5819 Referred to
Investigations and Government Operations 2007,2008: S.357/A.4030
Referred to Investigations and Government Operations 2006: S.6492/A.9609
Referred to Investigations and Government Operations 2005: A.5730
Referred to Ways and Means 2003,2004: A.4632 Held in Ways and Means
2002: A.10104 Held in Ways and Means

FISCAL IMPLICATIONS: Some loss of revenue to the State, but potential
increases of revenue in local real property tax collections could
result.

EFFECTIVE DATE: 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.

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                    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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