|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 19, 2019||recommit, enacting clause stricken|
|Jan 10, 2019||referred to investigations and government operations|
senate Bill S1001
Archive: Last Bill Status - Stricken
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1001 (ACTIVE) - Details
S1001 (ACTIVE) - Summary
Grants credit against personal income tax to purchasers of residential housing in the amount of any downpayment 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.
S1001 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1001 SPONSOR: YOUNG 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 homebuyers 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 an y 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
S1001 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1001 2019-2020 Regular Sessions I N S E N A T E January 10, 2019 ___________ 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. § 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. LBD03853-01-9
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.