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A05666 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                    February 22, 2021
        Introduced  by  M.  of A. FITZPATRICK, DiPIETRO, REILLY, SALKA, 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.
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