Bill Text: NY S08963 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-04-03 - REFERRED TO BUDGET AND REVENUE [S08963 Detail]

Download: New_York-2023-S08963-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8963

                    IN SENATE

                                      April 3, 2024
                                       ___________

        Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax  law,  in  relation  to  establishing  the  USDA
          construction tax credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 210-B of the tax law is amended  by  adding  a  new
     2  subdivision 60 to read as follows:
     3    60. USDA construction tax credit. Notwithstanding any provision in law
     4  to  the  contrary, a taxpayer shall be allowed a credit against such tax
     5  of up to fifteen percent of the difference between  the  total  cost  to
     6  build  and the final sale price of any newly constructed property that a
     7  taxpayer sells to a person or persons who finance the  purchase  of  the
     8  property  with  a USDA mortgage. For the purposes of this subdivision, a
     9  USDA mortgage shall be any mortgage loan subject to  the  provisions  of
    10  Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.
    11    §  2. Section 606 of the tax law is amended by adding a new subsection
    12  (ppp) to read as follows:
    13    (ppp) USDA construction tax credit. Notwithstanding any  provision  in
    14  law  to  the contrary, a taxpayer shall be allowed a credit against such
    15  tax of up to fifteen percent of the difference between the total cost to
    16  build and the final sale price of any newly constructed property that  a
    17  taxpayer  sells  to  a person or persons who finance the purchase of the
    18  property with a USDA mortgage. For the purposes of  this  subsection,  a
    19  USDA  mortgage  shall  be any mortgage loan subject to the provisions of
    20  Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.
    21    § 3. The commissioner of the department of taxation and finance  shall
    22  promulgate rules and regulations necessary to implement this act.
    23    § 4. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15087-01-4