Loading chat...
NY A02575
Bill
Status
1/19/2011
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
-
Allows taxpayers a credit against personal income tax for down payments made on purchases of one- to four-family residences located in New York State
-
Limits the aggregate tax credit to a maximum of 5 percent of the residential housing purchase price
-
Permits unused credits to be carried forward or backward for up to five immediately succeeding or preceding calendar or fiscal years until the full credit is used
-
Restricts eligibility to taxpayers who meet the requirements of the New York State Mortgage Agency's Forward Commitment Loan Program under Article Eight of the Public Authorities Law
-
Takes effect immediately upon enactment and applies to taxable years commencing on or after January 1 of the year following the bill's adoption
Legislative Description
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.
Last Action
held for consideration in ways and means
6/19/2012