- Summary
- Actions
- Committee Votes
- Floor Votes
- Memo
- Text
- LFIN
- Chamber Video/Transcript
S04858 Summary:
BILL NO | S04858 |
  | |
SAME AS | SAME AS A06124 |
  | |
SPONSOR | RANZENHOFER |
  | |
COSPNSR | |
  | |
MLTSPNSR | |
  | |
Amd §606, Tax L | |
  | |
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. |
S04858 Actions:
BILL NO | S04858 | |||||||||||||||||||||||||||||||||||||||||||||||||
  | ||||||||||||||||||||||||||||||||||||||||||||||||||
03/27/2019 | REFERRED TO BUDGET AND REVENUE | |||||||||||||||||||||||||||||||||||||||||||||||||
01/08/2020 | REFERRED TO BUDGET AND REVENUE |
S04858 Committee Votes:
Go to topS04858 Floor Votes:
There are no votes for this bill in this legislative session.
Go to topS04858 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ 4858 2019-2020 Regular Sessions IN SENATE March 27, 2019 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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. LBD03853-01-9