Assembly Bill A4884

2023-2024 Legislative Session

Grants tax credit for downpayment made on residential housing

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A4884 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5819
2011-2012: A2575
2013-2014: A3316
2015-2016: A3193
2017-2018: A3883
2019-2020: A6124
2021-2022: A5666

2023-A4884 (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.

2023-A4884 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4884
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 24, 2023
                                ___________
 
 Introduced  by  M.  of A. FITZPATRICK, DiPIETRO, REILLY, TAGUE -- Multi-
   Sponsored by -- M. of A. MANKTELOW -- read once and  referred  to  the
   Committee on Ways and Means
 
 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.
                                                            LBD08536-01-3

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