NY A07415

Allows employers a tax credit equal to 50 percent of qualified community housing opportunity expenditures made for eligible employees in New York State.

Eligible employees must be full-time workers earning at or below the median household income for their county, working at least 30 hours per week (13-39 weeks for seasonal employees, more than 39 weeks for annual employees).

Covered expenditures include down payments, mortgage subsidies, and closing costs for home purchases, or security deposits, advance rent, and rent subsidies for rentals; housing must be the employee's primary residence and have a valid certificate of occupancy.

Per-employee credit limits of $10,000 annually for full-time employees and $5,000 for seasonal employees, with a cumulative cap of $250,000 per tax year.

Housing purchase prices cannot exceed five times the median household income of the county; rental rates cannot exceed one-third of the county's median household income; applies to both corporate franchise tax and personal income tax.