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NY A05819
Bill
Status
2/20/2009
Primary Sponsor
William Barclay
Click for details
AI Summary
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Allows taxpayers to claim a credit against personal income tax for downpayments made on purchases of one- to four-family residences located in New York State
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Credits not used in the year of purchase may be carried forward or backward for up to five calendar or fiscal years until fully utilized
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Limits the aggregate tax credit to a maximum of five percent of the residential housing purchase price
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Restricts eligibility to taxpayers who meet the requirements of the New York State Mortgage Agency's Forward Commitment Loan Program under Public Authorities Law Article Eight
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Takes effect immediately and applies to taxable years beginning on or after January 1st of the year following enactment
Legislative Description
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
Last Action
held for consideration in ways and means
7/1/2010