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NY A03316

Bill

Official Source

Status

Introduced

1/24/2013

Primary Sponsor

Michael Fitzpatrick

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Allows taxpayers a credit against personal income tax for down payments made on one- to four-family residences located in New York State
  • Credits are limited to a maximum of five percent of the purchase price of the residential housing
  • Unused credits may be carried forward or backward for up to five immediately succeeding or preceding calendar or fiscal years until fully used
  • Eligibility restricted to taxpayers who meet the State of New York Mortgage Agency's requirements for its Forward Commitment Loan Program under Public Authorities Law Article Eight
  • Takes effect immediately and applies to taxable years commencing on or after January 1 following the law's enactment date

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

6/17/2014

Committee Referrals

Ways and Means1/24/2013

Full Bill Text

No bill text available