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NY A00781
Bill
Status
1/5/2011
Primary Sponsor
Annie Rabbitt
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AI Summary
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Allows first-time home buyers a tax credit equal to 25 percent of annual mortgage interest paid, not to exceed $2,000 per year, against New York income tax.
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Permits unused credit amounts to carry forward to subsequent years if the annual credit exceeds the taxpayer's tax liability.
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Defines "first-time home buyer" as any taxpayer who has not owned a principal residence within the preceding five years and meets eligibility requirements of the State of New York Mortgage Agency's forward commitment loan program.
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Requires recapture of previously claimed credits if the taxpayer sells the residence or it ceases to be the principal residence within five years of purchase, with recapture percentage determined by commissioner regulation.
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Authorizes the commissioner of taxation and finance, superintendent of banks, and commissioner of housing and community renewal to promulgate regulations to implement the credit, effective January 1 following enactment.
Legislative Description
Provides for personal income taxpayers who are first-time home buyers a credit for interest paid on a purchase money loan/mortgage of 25% of the annual interest paid over the life of the loan; allows for carryover where the credit exceeds the tax due; provides for recapture if the property ceases to qualify during the first five years after acquisition; creates the mortgage credit certificate credit against personal income tax.
Last Action
held for consideration in ways and means
6/19/2012