Bill Text: NY A04660 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

Spectrum: Slight Partisan Bill (Democrat 21-8)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A04660 Detail]

Download: New_York-2011-A04660-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4660
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 4, 2011
                                      ___________
       Introduced  by  M. of A. V. LOPEZ, COLTON, PHEFFER, ROBINSON, BENEDETTO,
         SPANO, RAIA, COOK, MOLINARO -- Multi-Sponsored by -- M. of A. BOYLAND,
         CASTRO, CROUCH, CYMBROWITZ, GIGLIO, HIKIND,  HOOPER,  JAFFEE,  LENTOL,
         P. LOPEZ,  MAISEL,  MAYERSOHN,  McKEVITT, MENG, ORTIZ, PEOPLES-STOKES,
         THIELE, TITONE, TOBACCO, WRIGHT --  read  once  and  referred  to  the
         Committee on Ways and Means
       AN  ACT to amend the tax law, in relation to providing a personal income
         tax credit for the purchase of a new home
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  606  of  the  tax law is amended by adding a new
    2  subsection (ss) to read as follows:
    3    (SS) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED  A
    4  CREDIT  AS  PROVIDED  IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS
    5  ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE  AMOUNT  OF  THE
    6  CREDIT SHALL BE SEVEN THOUSAND DOLLARS. THE CREDIT MAY ONLY BE TAKEN FOR
    7  THE TAXPAYER'S FIRST THREE YEARS OF OWNERSHIP OF THE ELIGIBLE REAL PROP-
    8  ERTY.
    9    (2)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
   10  TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
   11  SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
   12  ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
   13  ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   14    (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
   15  BUT WHO ARE REQUIRED TO DETERMINE  THEIR  STATE  TAXES  SEPARATELY,  THE
   16  CREDIT  ALLOWED  PURSUANT  TO THIS SUBSECTION MAY BE APPLIED AGAINST THE
   17  TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
   18    (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE REAL PROP-
   19  ERTY" SHALL MEAN A ONE OR TWO FAMILY RESIDENCE IN THIS  STATE  PURCHASED
   20  FOR  ONE  MILLION  DOLLARS  OR LESS THAT IS THE PRIMARY RESIDENCE OF THE
   21  TAXPAYER. TO QUALIFY AS ELIGIBLE REAL PROPERTY, THE TAXPAYER MUST RESIDE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01381-02-1
       A. 4660                             2
    1  IN THE PROPERTY FOR AT LEAST SIX  MONTHS  OF  EACH  YEAR  IN  WHICH  THE
    2  TAXPAYER RECEIVES THE CREDIT PURSUANT TO THIS SUBSECTION.
    3    S 2. This act shall take effect immediately and shall apply to taxable
    4  years commencing on or after January 1, 2011.