Bill Text: NY A06262 | 2013-2014 | General Assembly | Amended

---

Bill Title: Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-02-14 - print number 6262b [A06262 Detail]

Download: New_York-2013-A06262-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6262--B
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 25, 2013
                                      ___________
       Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred to the
         Committee on Ways and Means --  committee  discharged,  bill  amended,
         ordered  reprinted  as  amended  and  recommitted to said committee --
         recommitted to the Committee on Ways  and  Means  in  accordance  with
         Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       AN  ACT to amend the tax law, in relation to providing a personal income
         tax credit for the purchase of a new home
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
    2  relettered  by section 5 of part H of chapter 1 of the laws of 2003, are
    3  relettered subsections (yyy) and (zzz) and  a  new  subsection  (xx)  is
    4  added to read as follows:
    5    (XX)  REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A
    6  CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX  IMPOSED  BY  THIS
    7  ARTICLE  FOR  THE  PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE
    8  CREDIT SHALL BE FIVE THOUSAND DOLLARS.
    9    (2) IF BEFORE THE END OF A ONE YEAR PERIOD BEGINNING ON  THE  DATE  OF
   10  PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER:
   11    (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE
   12  REAL PROPERTY, OR
   13    (II)  SUCH  ELIGIBLE  REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL
   14  RESIDENCE OF THE TAXPAYER,
   15  THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH
   16  SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE
   17  PERCENTAGE OF THE CREDIT AS DETERMINED  BY  REGULATION  ADOPTED  BY  THE
   18  COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT.
   19    (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
   20  BUT  WHO  ARE  REQUIRED  TO  DETERMINE THEIR STATE TAXES SEPARATELY, THE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04507-10-4
       A. 6262--B                          2
    1  CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE  APPLIED  AGAINST  THE
    2  TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
    3    (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE REAL PROP-
    4  ERTY" SHALL MEAN A NEWLY CONSTRUCTED ONE OR TWO FAMILY RESIDENCE IN THIS
    5  STATE, WHICH HAS NOT BEEN PREVIOUSLY OCCUPIED, PURCHASED FOR ONE MILLION
    6  DOLLARS  OR  LESS  AND THAT IS THE PRIMARY RESIDENCE OF THE TAXPAYER. TO
    7  QUALIFY AS ELIGIBLE REAL PROPERTY, THE TAXPAYER MUST RESIDE IN THE PROP-
    8  ERTY AS A PRINCIPAL RESIDENCE FOR AT LEAST ONE YEAR AFTER  THE  PURCHASE
    9  OF SUCH ELIGIBLE REAL PROPERTY.
   10    S  2.  This  act shall take effect on the thirtieth day after it shall
   11  have become a law and shall apply to eligible  real  property  purchased
   12  pursuant  to contracts of sale executed after the effective date of this
   13  act.