Grants credit against personal income tax to purchasers of residential housing in the amount of any downpayment 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.
STATE OF NEW YORK
________________________________________________________________________
7706
2025-2026 Regular Sessions
IN ASSEMBLY
April 8, 2025
___________
Introduced by M. of A. FITZPATRICK, DiPIETRO, REILLY, TAGUE -- Multi-
Sponsored by -- M. of A. MANKTELOW -- 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 § 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.
LBD08962-01-5
