NY State Senate Bill 2017-S2100

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 23, 2018	print number 2100a
Feb 23, 2018	amend and recommit to investigations and government operations
Jan 03, 2018	referred to investigations and government operations
Jan 12, 2017	referred to investigations and government operations

Bill Amendments

Original

A (Active)

co-Sponsors

2017-S2100 - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:: S6479

2017-S2100 - Summary

Establishes a personal income tax credit for first time home buyers.

2017-S2100 - Sponsor Memo

                                 BILL NUMBER:  S2100

 TITLE OF BILL :

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

 PURPOSE :

To establish a $5,000 personal income tax credit for first time home
buyers.

 SUMMARY OF PROVISIONS :

Section 1 amends § 606 of the Tax Law by adding a new subsection
establishing a first time home buyers' credit. The subsection
provides, a resident taxpayer who is a first time home buyer, who
purchases a qualifying primary residence in this state on or after
January 1, 2016, and whose adjusted gross income does not exceed
$100,000 for married resident taxpayers filing jointly or $50,000 for
all other resident taxpayers, shall be allowed a credit against the
tax imposed by this article.

Section 2 provides the effective date.

 EXISTING LAW :

Article 22 of the Tax Law pertains to the personal income tax. Section
606 provides credits against tax. Currently law does not provide for a
tax credit for first-time home buyers.

 JUSTIFICATION :

With the recent dramatic declines in the housing market and the
ensuing freeze-up of the home mortgage business, more and more people
are finding it difficult to purchase their first home. This condition
results in an economic downturn that is further fueled by a
corresponding reduction in sales for heating, air conditioning,
electrical, plumbing and contractor supply houses. The ripple effect
continues with an impact on durable goods sales such as furniture,
washing machines and refrigerators. By providing a tax credit to first
time home buyers purchasing qualifying residents, New York State
encourages a new group of buyers to enter the market and stimulate the
economy.

For the purposes of this credit, 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 residence or other
residential property within the five year period preceding the
purchase. A "qualifying primary residence," is any one, two, or
three-family home, townhouse, mobile home, or condominium that is
located within the state and used primarily for residential purposed.
The home must also be one purchased for fair market value, and the
purchase price may not exceed $150,000 or the median home value for
the county in which it is located, whichever is greater.

By providing first time home buyers with this credit New York State
does much to promote its economy and encourage new residents to enter
the housing market. For all of the aforementioned reasons it is
imperative that this bill is enacted.

 LEGISLATIVE HISTORY :

2015-2016: S.6479 Referred to Investigations and Government
Operations.

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2018.

2017-S2100 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2100
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2017
                                ___________
 
 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 (ccc) to read as follows:
   (CCC) 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 EIGHTEEN, 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 SPOUSES 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD07893-01-7

 S. 2100                             2
 
 TAX  CREDIT UNDER THIS SUBSECTION SHALL BE DIVIDED EQUALLY AMONG ALL THE
 PURCHASING PARTIES.
   (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.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on or after January 1, 2018.

co-Sponsors

2017-S2100A (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:: S6479

2017-S2100A (ACTIVE) - Summary

Establishes a personal income tax credit for first time home buyers.

2017-S2100A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S2100A

SPONSOR: RITCHIE
 
TITLE OF BILL:

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

 
PURPOSE:

To establish a $5,000 personal income tax credit for first time home
buyers.

 
SUMMARY OF PROVISIONS:

Section 1 amends § 606 of the Tax Law by adding a new subsection estab-
lishing a first time home buyers' credit. The subsection provides, a
resident taxpayer who is a first time home buyer, who purchases a quali-
fying primary residence in this state on or after January 1, 2016, and
whose adjusted gross income does not exceed $100,000 for married resi-
dent taxpayers filing jointly or $50,000 for all other resident taxpay-

ers, shall be allowed a credit against the tax imposed by this article.

Section 2 provides the effective date.

 
EXISTING LAW:

Article 22 of the Tax Law pertains to the personal income tax. Section
606 provides credits against tax. Currently law does not provide for a
tax credit for first-time home buyers.

 
JUSTIFICATION:

With the recent dramatic declines in the housing market and the ensuing
freeze-up of the home mortgage business, more and more people are find-
ing it difficult to purchase their first home. This condition results in
an economic downturn that is further fueled by a corresponding reduction
in sales for heating, air conditioning, electrical, plumbing and
contractor supply houses. The ripple effect continues with an impact on
durable goods sales such as furniture, washing machines and refrigera-
tors. By providing a tax credit to first time home buyers purchasing
qualifying residents, New York State encourages a new group of buyers to
enter the market and stimulate the economy.

For the purposes of this credit, a "first time home buyer" is any indi-
vidual 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 residence or other residential property
within the five year period preceding the purchase. A "qualifying prima-
ry residence," is any one, two, or three-family home, townhouse, mobile
home, or condominium that is located within the state and used primarily
for residential purposed.  The home must also be one purchased for fair
market value, and the purchase price may not exceed $150,000 or the
median home value for the county in which it is located, whichever is
greater.  By providing first time home buyers with this credit New York
State does much to promote its economy and encourage new residents to
enter the housing market. For all of the aforementioned reasons it is
imperative that this bill is enacted.
 
LEGISLATIVE HISTORY:

2015-2016: S.6479 Referred to Investigations and Government Operations.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
commencing on or after January 1, 2016.

2017-S2100A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2100--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE, BOYLE -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and  Government Operations -- recommitted to the Committee on Investi-
   gations 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  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 (ccc) to read as follows:
   (CCC) 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 NINETEEN, 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 SPOUSES 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD07893-02-8

 S. 2100--A                          2
 
   (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.
   (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.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on or after January 1, 2019.

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Senate Bill S2100

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

co-Sponsors

2017-S2100 - Details

2017-S2100 - Summary

2017-S2100 - Sponsor Memo

2017-S2100 - Bill Text download pdf

co-Sponsors

2017-S2100A (ACTIVE) - Details

2017-S2100A (ACTIVE) - Summary

2017-S2100A (ACTIVE) - Sponsor Memo

2017-S2100A (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Patty Ritchie

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

co-Sponsors

Phil Boyle

2017-S2100 - Details

2017-S2100 - Summary

2017-S2100 - Sponsor Memo

2017-S2100 - Bill Text download pdf

co-Sponsors

Phil Boyle

2017-S2100A (ACTIVE) - Details

2017-S2100A (ACTIVE) - Summary

2017-S2100A (ACTIVE) - Sponsor Memo

2017-S2100A (ACTIVE) - Bill Text download pdf

Comments