Bill Text: NY A09717 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-04-03 - referred to ways and means [A09717 Detail]

Download: New_York-2023-A09717-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9717

                   IN ASSEMBLY

                                      April 3, 2024
                                       ___________

        Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
          Committee on Ways and Means

        AN ACT to amend the tax law, in relation to establishing the "first-time
          homebuyer tax credit act"

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

     1    Section  1.  Short  title. This act shall be known and may be cited as
     2  the "first-time homebuyer tax credit act".
     3    § 2. Legislative findings. The Legislature finds that homeownership is
     4  one of the most critical tools  to  economic  security  and  prosperity.
     5  Homeownership  is  one of the most effective ways to create intergenera-
     6  tional transfers of  wealth  which  many  underserved  and  marginalized
     7  communities  have  historically  been  unable to achieve.   However, the
     8  Legislature also finds that New York has become increasingly  unafforda-
     9  ble for many first-time homebuyers due to burdensome regulation that has
    10  crippled  the development of housing stock and kept prices high, as well
    11  as exorbitant property  taxes  that  price  out  many  individuals  from
    12  putting  down  roots  in  our  communities. Many children, upon reaching
    13  adulthood, are forced to move away from  the  towns  they  grew  up  in,
    14  simply because they cannot afford to live there. Therefore, the Legisla-
    15  ture  deems  it  necessary  to  provide first-time homebuyers with a tax
    16  credit that will make it easier for them to be able to start  and  main-
    17  tain their lives here in our great state.
    18    §  3. Section 606 of the tax law is amended by adding a new subsection
    19  (ppp) to read as follows:
    20    (ppp) First-time homebuyer tax credit. (1) Allowance  of  credit.  (A)
    21  Notwithstanding  any  provision  in  law  to  the  contrary, a qualified
    22  taxpayer shall be allowed a credit against the  taxes  imposed  by  this
    23  article  for  taxes  levied on the taxpayer's primary residence by or on
    24  behalf of any county, city, town, village, or school district  in  which
    25  such  property  is  located. If the credit exceeds the tax as so reduced
    26  for such year under this article, the excess  shall  be  treated  as  an
    27  overpayment,  to  be credited or refunded, without interest. If a quali-
    28  fied taxpayer is not required to file a return pursuant to  section  six

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14927-01-4
        A. 9717                             2

     1  hundred fifty-one of this article, a qualified taxpayer may nevertheless
     2  receive  the  full  amount  of the credit to be credited or repaid as an
     3  overpayment, without interest.
     4    (B) For the purposes of this subsection, a qualified taxpayer shall be
     5  a  person  who has purchased a primary residential property, and who has
     6  not owned a primary residential property and is not married to a  person
     7  who has owned a residential property, during the three-year period prior
     8  to such taxpayer's purchase of the primary residential property, and who
     9  does not own a vacation or investment home.
    10    (2)  Calculation of credit. Such credit shall last five years from the
    11  date of purchase of the primary residential property and be computed  in
    12  accordance with the following table:

    13           Year of Credit      Percentage of Taxes Levied
    14                 1                        50
    15                 2                        40
    16                 3                        30
    17                 4                        20
    18                 5                        10
    19                 6 or more                 0

    20    §  4.  The  commissioner  of taxation and finance shall promulgate any
    21  rules and regulations necessary to implement the provisions of this act.
    22    § 5. This act shall take effect immediately and shall apply to taxable
    23  years beginning on and after January 1, 2025.