Loading chat...
NY A00525
Bill
Status
Introduced
1/5/2011
Primary Sponsor
Fred Thiele
Click for details
AI Summary
- Creates a tax credit against New York State personal income tax for down payments made on the purchase of a principal residence located in New York
- Credit amount equals 10 percent of the purchase price or $25,000, whichever is less
- Unused credits may be carried forward in subsequent tax years until fully claimed
- Limits eligibility to taxpayers whose household income does not exceed the median household income in the county where the residence is located
- Limits eligibility to first-time homebuyers who have not owned a principal residence in the preceding five years
Legislative Description
Relates to a residential housing downpayment credit; provides that such tax credit is in the amount of 10 percent of the purchase price, or twenty-five thousand dollars, whichever is less.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means1/5/2011
Full Bill Text
No bill text available