Bill Text: NY S00762 | 2011-2012 | General Assembly | Introduced

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Bill Title: Grants credit against personal income tax to purchasers of residential housing in the amount of any down payment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00762 Detail]

Download: New_York-2011-S00762-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          762
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to granting  to  purchasers  of
         residential housing a credit against personal income tax in the amount
         of any downpayment made on such housing
         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 (r-1) to read as follows:
    3    (R-1)  CREDIT  FOR DOWNPAYMENT MADE BY PURCHASERS OF RESIDENTIAL HOUS-
    4  ING. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
    5  SECTION SIX HUNDRED ONE OF THIS PART FOR ANY  DOWNPAYMENT  MADE  ON  THE
    6  PURCHASE  OF  A  ONE- TO FOUR-FAMILY RESIDENCE LOCATED WITHIN THE STATE.
    7  ANY TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE  RESIDENCE  WAS
    8  PURCHASED  MAY BE CARRIED FORWARD OR BACKWARDS FOR THE FIVE, IMMEDIATELY
    9  SUCCEEDING OR PRECEDING, CALENDAR OR FISCAL YEARS UNTIL THE FULL  CREDIT
   10  HAS  BEEN ALLOWED.  THE AGGREGATE AMOUNT OF THE TAX CREDIT ALLOWED UNDER
   11  THIS SUBSECTION SHALL NOT EXCEED FIVE PERCENT OF THE PURCHASE  PRICE  OF
   12  THE RESIDENTIAL HOUSING.
   13    (2)  THE  PROVISIONS  OF THIS SUBSECTION SHALL ONLY APPLY TO TAXPAYERS
   14  WHO MEET THE ELIGIBILITY REQUIREMENTS IMPOSED BY THE STATE OF  NEW  YORK
   15  MORTGAGE  AGENCY  FOR  ITS  FORWARD  COMMITMENT LOAN PROGRAM PURSUANT TO
   16  ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW.
   17    S 2. This act shall take effect immediately and shall apply to taxable
   18  years commencing on or after the first of January  next  succeeding  the
   19  date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02508-01-1