Senate Bill S6479

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

                                  6479

                            I N  S E N A T E

                            January 19, 2016
                               ___________

Introduced  by  Sen. RITCHIE -- 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  for  a  personal
  income  tax  credit  for  resident  taxpayers  who are first time home
  buyers

  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 (eee) to read as follows:
  (EEE) FIRST TIME HOME BUYERS' CREDIT. (1) A RESIDENT TAXPAYER WHO IS A
FIRST TIME HOME BUYER, WHO PURCHASES A QUALIFYING PRIMARY  RESIDENCE  IN
THIS  STATE  ON  OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, AND WHOSE
ADJUSTED GROSS INCOME DOES NOT EXCEED ONE HUNDRED THOUSAND  DOLLARS  FOR
MARRIED  RESIDENT TAXPAYERS FILING JOINTLY OR FIFTY THOUSAND DOLLARS FOR
ALL OTHER RESIDENT TAXPAYERS, SHALL BE ALLOWED A CREDIT AGAINST THE  TAX
IMPOSED  BY  THIS ARTICLE. FOR A QUALIFYING PRIMARY RESIDENCE THE AMOUNT
OF THE CREDIT SHALL BE FIVE THOUSAND DOLLARS.
  (2) THE CREDIT UNDER THIS SUBSECTION  SHALL  BE  ALLOWED  AGAINST  THE
TAXES  IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR REDUCED BY THE CRED-
ITS PERMITTED BY THIS ARTICLE.   IF THE CREDIT EXCEEDS  THE  TAX  AS  SO
REDUCED,  THE  TAXPAYER SHALL RECEIVE, AND THE COMPTROLLER, SUBJECT TO A
CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS  AN  OVERPAYMENT,  WITHOUT
INTEREST, THE AMOUNT OF SUCH EXCESS.
  (3) IN THE CASE OF A HUSBAND OR WIFE WHO BOTH RESIDE IN THE QUALIFYING
PRIMARY  RESIDENCE  AND  WHO ARE REQUIRED TO FILE A SEPARATE RETURN, THE
CREDIT ALLOWED UNDER THIS SUBSECTION SHALL BE  EQUALLY  DIVIDED  BETWEEN
THE TWO SEPARATE RETURNS FOR THAT TAXABLE YEAR.
  (4)  IN  THE CASE OF JOINT TENANTS OR TENANTS IN COMMON PURCHASING THE
SAME QUALIFYING PRIMARY RESIDENCE OF WHICH THAT RESIDENCE IS  A  PRIMARY
QUALIFYING  RESIDENCE  FOR ALL THE PARTIES INCLUDED IN THE PURCHASE, THE
TAX CREDIT UNDER THIS SUBSECTION SHALL BE DIVIDED EQUALLY AMONG ALL  THE
PURCHASING PARTIES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13279-01-5
              

S. 6479                             2

  (5)  FOR PURPOSES OF THE CREDIT DESCRIBED IN THIS SUBSECTION, A "FIRST
TIME HOME BUYER" IS ANY INDIVIDUAL OR  GROUP  OF  INDIVIDUALS  WHO  HAVE
PURCHASED  A  QUALIFYING  PRIMARY RESIDENCE WHERE THAT INDIVIDUAL OR ANY
INDIVIDUAL WITHIN THE GROUP OF INDIVIDUALS THAT HAVE  PURCHASED  SUCH  A
RESIDENCE HAS NOT OWNED, IN WHOLE OR IN PART, A QUALIFYING PRIMARY RESI-
DENCE  OR  OTHER  RESIDENTIAL  PROPERTY WITHIN THE FIVE YEAR PERIOD NEXT
PRECEDING THE PURCHASE. A "QUALIFYING PRIMARY  RESIDENCE"  IS  ANY  ONE,
TWO,  OR  THREE-FAMILY HOME, TOWNHOUSE, MOBILE HOME, OR CONDOMINIUM THAT
IS LOCATED IN THE STATE OF NEW YORK AND IS USED PRIMARILY  FOR  RESIDEN-
TIAL PURPOSES. A QUALIFYING PRIMARY RESIDENCE MUST ALSO BE ONE PURCHASED
FOR  FAIR  MARKET VALUE, WHICH PURCHASE PRICE MAY NOT EXCEED ONE HUNDRED
FIFTY THOUSAND DOLLARS, EXCEPT THAT THE PURCHASE PRICE  MAY  EXCEED  ONE
HUNDRED  FIFTY THOUSAND DOLLARS BUT NOT EXCEED THE MEDIAN HOME VALUE FOR
THE COUNTY IN WHICH IT IS LOCATED, AS DETERMINED BY THE  DEPARTMENT,  IF
SUCH  MEDIAN HOME VALUE EXCEEDS ONE HUNDRED FIFTY THOUSAND DOLLARS.  THE
PURCHASER OF SUCH PROPERTY MUST RESIDE AT SUCH PROPERTY  FOR  MORE  THAN
FOUR-FIFTHS  OF THE TIME FROM THE DATE OF PURCHASE TO THE CLOSING OF THE
TAX YEAR OR SALE OF SUCH PROPERTY WITHIN THAT TAX YEAR.
  S 2. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2016.