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NY S00850
Bill
Status
1/8/2025
Primary Sponsor
Pamela Helming
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AI Summary
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Creates a refundable tax credit for first-time homebuyers to offset local property taxes (county, city, town, village, and school district) on their primary residence
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Defines qualified taxpayers as those who have not owned a primary residence in the three years prior to purchase, are not married to someone who owned residential property during that period, and do not own a vacation or investment home
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Provides a declining credit over five years: 50% of property taxes in year 1, 40% in year 2, 30% in year 3, 20% in year 4, and 10% in year 5
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Allows taxpayers who are not required to file state income tax returns to still receive the full credit amount as a refund
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2026
Legislative Description
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
Last Action
REFERRED TO BUDGET AND REVENUE
1/7/2026