NY A04683

Provides a $2,000 personal income tax credit for first-time home buyers in New York who purchase a qualifying primary residence on or after January 1, 2010.

Limits eligibility to resident taxpayers with adjusted gross income not exceeding $100,000 for married couples filing jointly or $50,000 for all other filers.

Defines a qualifying primary residence as a one, two, or three-family home, townhouse, mobile home, or condominium in New York with a purchase price not exceeding $150,000, or the county median home value if higher.

Requires first-time home buyers to not have owned any qualifying primary residence or residential property within the five-year period preceding the purchase, and to reside at the property for more than four-fifths of the time from purchase through year-end or sale.

Permits the credit to be refunded as an overpayment if it exceeds tax liability, and allows the credit to be divided equally among joint purchasers or spouses filing separately.