Bill Text: NY S00233 | 2009-2010 | General Assembly | Introduced

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Bill Title: Establishes a mortgage interest credit against personal income tax; amount of credit shall not exceed twenty percent of the interest paid on the mortgage, or five thousand dollars, whichever is less; provides that such credit shall only be available to persons who have not owned a principal residence within the preceding five years.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00233 Detail]

Download: New_York-2009-S00233-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 233                                                    A. 345
                              2009-2010 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed,  and  when  printed  to  be committed to the Committee on Investi-
         gations and Government Operations
       IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
         to the Committee on Ways and Means
       AN  ACT  to  amend  the  tax law, in relation to establishing a mortgage
         interest credit against personal income tax
         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 (m-1) to read as follows:
    3    (M-1) MORTGAGE INTEREST CREDIT. (1) A  TAXPAYER  SHALL  BE  ALLOWED  A
    4  CREDIT  AGAINST  THE TAX IMPOSED BY SECTION SIX HUNDRED ONE OF THIS PART
    5  FOR INTEREST PAID ON A MORTGAGE BY A TAXPAYER ON A  PRINCIPAL  RESIDENCE
    6  LOCATED  WITHIN  THE  STATE  OF NEW YORK. ANY TAX CREDIT NOT USED IN THE
    7  TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE CARRIED FORWARD
    8  UNTIL THE FULL CREDIT HAS BEEN ALLOWED.
    9    (2) THE  AGGREGATE  AMOUNT  OF  THE  TAX  CREDIT  ALLOWED  UNDER  THIS
   10  SUBSECTION  SHALL NOT EXCEED TWENTY PERCENT OF THE INTEREST PAID ON SUCH
   11  MORTGAGE DURING THE TAXABLE YEAR, OR FIVE THOUSAND DOLLARS, WHICHEVER IS
   12  LESS.
   13    (3) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO  A  TAXPAYER
   14  WHOSE  HOUSEHOLD INCOME IS EQUAL TO OR BELOW THE MEDIAN HOUSEHOLD INCOME
   15  IN THE COUNTY IN WHICH THE RESIDENCE IS LOCATED.
   16    (4) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO  A  TAXPAYER
   17  WHO  HAS NOT OWNED A PRINCIPAL RESIDENCE WITHIN THE PRECEDING FIVE YEARS
   18  OF THE PURCHASE OF THE RESIDENCE FOR WHICH THE CREDIT IS CLAIMED.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01021-01-9
       S. 233                              2                             A. 345
    1    (5) THE CREDIT PROVIDED FOR BY THIS SUBSECTION SHALL NOT BE  AVAILABLE
    2  TO  ANY  TAXPAYER  WITH  A  MORTGAGE ON THE PRINCIPAL RESIDENCE WHICH IS
    3  GUARANTEED BY THE STATE OF NEW YORK MORTGAGE AGENCY.
    4    (6)  WHERE  THE  TAXPAYER ELECTS TO TAKE THE CREDIT AUTHORIZED BY THIS
    5  SUBSECTION, THE TAXPAYER SHALL NOT ALSO ELECT TO  DEDUCT  SUCH  EXPENSES
    6  UNDER SECTION SIX HUNDRED FIFTEEN OF THIS ARTICLE.
    7    S 2. This act shall take effect immediately.