STATE OF NEW YORK
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2100--A
2017-2018 Regular Sessions
IN SENATE
January 12, 2017
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Introduced by Sens. RITCHIE, BOYLE -- read twice and ordered printed,
and when printed to be committed to the Committee on Investigations
and Government Operations -- recommitted to the Committee on Investi-
gations and Government Operations in accordance with Senate Rule 6,
sec. 8 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
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 nineteen, 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07893-02-8
S. 2100--A 2
1 (4) In the case of joint tenants or tenants in common purchasing the
2 same qualifying primary residence of which that residence is a primary
3 qualifying residence for all the parties included in the purchase, the
4 tax credit under this subsection shall be divided equally among all the
5 purchasing parties.
6 (5) For purposes of the credit described in this subsection, a "first
7 time home buyer" is any individual or group of individuals who have
8 purchased a qualifying primary residence where that individual or any
9 individual within the group of individuals that have purchased such a
10 residence has not owned, in whole or in part, a qualifying primary resi-
11 dence or other residential property within the five year period next
12 preceding the purchase. A "qualifying primary residence" is any one,
13 two, or three-family home, townhouse, mobile home, or condominium that
14 is located in the state of New York and is used primarily for residen-
15 tial purposes. A qualifying primary residence must also be one purchased
16 for fair market value, which purchase price may not exceed one hundred
17 fifty thousand dollars, except that the purchase price may exceed one
18 hundred fifty thousand dollars but not exceed the median home value for
19 the county in which it is located, as determined by the department, if
20 such median home value exceeds one hundred fifty thousand dollars. The
21 purchaser of such property must reside at such property for more than
22 four-fifths of the time from the date of purchase to the closing of the
23 tax year or sale of such property within that tax year.
24 § 2. This act shall take effect immediately and shall apply to taxable
25 years commencing on or after January 1, 2019.
