Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 19, 2012 |
held for consideration in ways and means |
Jan 04, 2012 |
referred to ways and means |
Jan 05, 2011 |
referred to ways and means |
Assembly Bill A525
2011-2012 Legislative Session
Sponsored By
THIELE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2011-A525 (ACTIVE) - Details
2011-A525 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 809 A. 525 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y (PREFILED) January 5, 2011 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to a residential housing down- payment credit against the tax on personal income THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (r-1) to read as follows: (R-1) RESIDENTIAL HOUSING DOWNPAYMENT CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY SECTION SIX HUNDRED ONE OF THIS PART FOR ANY DOWNPAYMENT MADE ON THE PURCHASE OF A PRINCIPAL RESI- DENCE LOCATED WITHIN THE STATE OF NEW YORK. ANY TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE CARRIED FORWARD UNTIL THE FULL CREDIT HAS BEEN ALLOWED. (2) THE AGGREGATE AMOUNT OF THE TAX CREDIT ALLOWED UNDER THIS SUBSECTION SHALL NOT EXCEED TEN PERCENT OF THE PURCHASE PRICE OR TWEN- TY-FIVE THOUSAND DOLLARS, WHICHEVER IS LESS. (3) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO TAXPAYERS WHOSE HOUSEHOLD INCOME IS EQUAL TO OR BELOW THE MEDIAN HOUSEHOLD INCOME IN THE COUNTY IN WHICH THE RESIDENCE IS LOCATED. (4) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY APPLY TO A TAXPAYER WHO HAS NOT OWNED A PRINCIPAL RESIDENCE WITHIN THE PRECEDING FIVE YEARS OF THE PURCHASE OF THE RESIDENCE FOR WHICH THE CREDIT IS CLAIMED. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03754-01-1
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