Bill Text: NY A05819 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the tax law, in relation to granting to purchasers of residential housing a credit against personal income tax in the amount of any downpayment made on such housing

Spectrum: Moderate Partisan Bill (Republican 9-1)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A05819 Detail]

Download: New_York-2009-A05819-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5819
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 20, 2009
                                      ___________
       Introduced  by  M.  of  A.  FITZPATRICK, FINCH, BARRA, ERRIGO, McKEVITT,
         GIGLIO -- Multi-Sponsored by --  M.  of  A.  BARCLAY,  KOLB,  RABBITT,
         THIELE,  WALKER -- read once and referred to the Committee on Ways and
         Means
       AN ACT to amend the tax law, in relation to granting  to  purchasers  of
         residential housing a credit against personal income tax in the amount
         of any downpayment made on such housing
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Section 606 of the tax law is  amended  by  adding  a  new
    2  subsection (r-1) to read as follows:
    3    (R-1)  CREDIT  FOR DOWNPAYMENT MADE BY PURCHASERS OF RESIDENTIAL HOUS-
    4  ING. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
    5  SECTION SIX HUNDRED ONE OF THIS PART FOR ANY  DOWNPAYMENT  MADE  ON  THE
    6  PURCHASE  OF  A  ONE- TO FOUR-FAMILY RESIDENCE LOCATED WITHIN THE STATE.
    7  ANY TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE  RESIDENCE  WAS
    8  PURCHASED  MAY BE CARRIED FORWARD OR BACKWARDS FOR THE FIVE, IMMEDIATELY
    9  SUCCEEDING OR PRECEDING, CALENDAR OR FISCAL YEARS UNTIL THE FULL  CREDIT
   10  HAS  BEEN ALLOWED.  THE AGGREGATE AMOUNT OF THE TAX CREDIT ALLOWED UNDER
   11  THIS SUBSECTION SHALL NOT EXCEED FIVE PERCENT OF THE PURCHASE  PRICE  OF
   12  THE RESIDENTIAL HOUSING.
   13    (2)  THE  PROVISIONS  OF THIS SUBSECTION SHALL ONLY APPLY TO TAXPAYERS
   14  WHO MEET THE ELIGIBILITY REQUIREMENTS IMPOSED BY THE STATE OF  NEW  YORK
   15  MORTGAGE  AGENCY  FOR  ITS  FORWARD  COMMITMENT LOAN PROGRAM PURSUANT TO
   16  ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW.
   17    S 2. This act shall take effect immediately and shall apply to taxable
   18  years commencing on or after the first of January  next  succeeding  the
   19  date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02883-01-9