Bill Text: NY S02100 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes a personal income tax credit for first time home buyers.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-02-23 - PRINT NUMBER 2100A [S02100 Detail]

Download: New_York-2017-S02100-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2100
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 12, 2017
                                       ___________
        Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to  providing  for  a  personal
          income  tax  credit  for  resident  taxpayers  who are first time home
          buyers
          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 (ccc) to read as follows:
     3    (ccc) First time home buyers' credit. (1) A resident taxpayer who is a
     4  first time home buyer, who purchases a qualifying primary  residence  in
     5  this  state  on or after January first, two thousand eighteen, and whose
     6  adjusted gross income does not exceed one hundred thousand  dollars  for
     7  married  resident taxpayers filing jointly or fifty thousand dollars for
     8  all other resident taxpayers, shall be allowed a credit against the  tax
     9  imposed  by  this article. For a qualifying primary residence the amount
    10  of the credit shall be five thousand dollars.
    11    (2) The credit under this subsection  shall  be  allowed  against  the
    12  taxes  imposed by this article for the taxable year reduced by the cred-
    13  its permitted by this article.   If the credit exceeds  the  tax  as  so
    14  reduced,  the  taxpayer shall receive, and the comptroller, subject to a
    15  certificate of the commissioner, shall pay as  an  overpayment,  without
    16  interest, the amount of such excess.
    17    (3)  In  the case of spouses who both reside in the qualifying primary
    18  residence and who are required to file a  separate  return,  the  credit
    19  allowed  under  this subsection shall be equally divided between the two
    20  separate returns for that taxable year.
    21    (4) In the case of joint tenants or tenants in common  purchasing  the
    22  same  qualifying  primary residence of which that residence is a primary
    23  qualifying residence for all the parties included in the  purchase,  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07893-01-7
        S. 2100                             2
     1  tax  credit under this subsection shall be divided equally among all the
     2  purchasing parties.
     3    (5)  For purposes of the credit described in this subsection, a "first
     4  time home buyer" is any individual or  group  of  individuals  who  have
     5  purchased  a  qualifying  primary residence where that individual or any
     6  individual within the group of individuals that have  purchased  such  a
     7  residence has not owned, in whole or in part, a qualifying primary resi-
     8  dence  or  other  residential  property within the five year period next
     9  preceding the purchase. A "qualifying primary  residence"  is  any  one,
    10  two,  or  three-family home, townhouse, mobile home, or condominium that
    11  is located in the state of New York and is used primarily  for  residen-
    12  tial purposes. A qualifying primary residence must also be one purchased
    13  for  fair  market value, which purchase price may not exceed one hundred
    14  fifty thousand dollars, except that the purchase price  may  exceed  one
    15  hundred  fifty thousand dollars but not exceed the median home value for
    16  the county in which it is located, as determined by the  department,  if
    17  such  median home value exceeds one hundred fifty thousand dollars.  The
    18  purchaser of such property must reside at such property  for  more  than
    19  four-fifths  of the time from the date of purchase to the closing of the
    20  tax year or sale of such property within that tax year.
    21    § 2. This act shall take effect immediately and shall apply to taxable
    22  years commencing on or after January 1, 2018.