Bill Text: NY A06341 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 6341 (Prior Session Legislation)

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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-18 - print number 6341a [A06341 Detail]

Download: New_York-2011-A06341-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6341
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 15, 2011
                                      ___________
       Introduced  by  M.  of  A.  DenDEKKER  --  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 FIVE THOUSAND DOLLARS.  ANY AMOUNT OF THE TAX CREDIT NOT
    7  USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE  WAS  PURCHASED  MAY  BE
    8  CARRIED  FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT HAS
    9  BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE.
   10    (2) IF BEFORE THE END OF A THREE YEAR PERIOD BEGINNING ON THE DATE  OF
   11  PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER:
   12    (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE
   13  REAL PROPERTY, OR
   14    (II)  SUCH  ELIGIBLE  REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL
   15  RESIDENCE OF THE TAXPAYER,
   16  THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH
   17  SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE
   18  PERCENTAGE OF THE CREDIT AS DETERMINED  BY  REGULATION  ADOPTED  BY  THE
   19  COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT.
   20    (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
   21  BUT  WHO  ARE  REQUIRED  TO  DETERMINE THEIR STATE TAXES SEPARATELY, THE
   22  CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE  APPLIED  AGAINST  THE
   23  TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
   24    (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE REAL PROP-
   25  ERTY" SHALL MEAN A NEWLY CONSTRUCTED ONE OR TWO FAMILY RESIDENCE IN THIS
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01381-01-1
       A. 6341                             2
    1  STATE, WHICH HAS NOT BEEN PREVIOUSLY OCCUPIED, PURCHASED FOR ONE MILLION
    2  DOLLARS  OR  LESS  AND THAT IS THE PRIMARY RESIDENCE OF THE TAXPAYER. TO
    3  QUALIFY AS ELIGIBLE REAL PROPERTY, THE TAXPAYER MUST RESIDE IN THE PROP-
    4  ERTY  AS  A  PRINCIPAL  RESIDENCE  FOR  AT  LEAST  THREE YEARS AFTER THE
    5  PURCHASE OF SUCH ELIGIBLE REAL PROPERTY.
    6    S 2. This act shall take effect on the thirtieth day  after  it  shall
    7  have  become  a  law and shall apply to eligible real property purchased
    8  pursuant to contracts of sale executed after the effective date of  this
    9  act.