Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 12, 2014 |
print number 1931c |
Feb 12, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
Apr 16, 2013 |
print number 1931b |
Apr 16, 2013 |
amend and recommit to investigations and government operations |
Mar 19, 2013 |
print number 1931a |
Mar 19, 2013 |
amend and recommit to investigations and government operations |
Jan 09, 2013 |
referred to investigations and government operations |
Senate Bill S1931C
2013-2014 Legislative Session
Sponsored By
(D) 15th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Bill Amendments
co-Sponsors
(D, WF) Senate District
2013-S1931 - Details
- See Assembly Version of this Bill:
- A6262
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S3900
2011-2012: S1266
2013-S1931 - Sponsor Memo
BILL NUMBER:S1931 TITLE OF BILL: An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home PURPOSE OR GENERAL IDEA OF BILL: To provide purchasers of newly constructed one- or two-family residences, including condos and co-ops, with a $5,000 state tax credit returned to the homeowner after purchase. The purchasers can carry the unused portion of the credit forward for three consecutive years. This tax credit will stimulate New York's econ- omy as well as provide incentive to those considering a home purchase. JUSTIFICATION: Sales of existing U.S. homes in December 2009 plunged 17%- - the biggest decline since records began in 1968 - to a 5.45 million annual rate from 6.54 million pace the prior month, according to the National Association of Realtors, and median sales prices rose for the first time in two years, reflecting fewer first-time buyers. For New York State, a decline in building permits - from 34,500 in June 2008 to 6,400 in June 2009 - reflected a major decrease in home sales. Single family homes in New York State fell by 16.2% alone in February 2009. The federal government has provided home purchasers with a tax credit for first-time homebuyers and is extending this program up to mid 2010. Since 2006, median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000.
2013-S1931 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1931 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home 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 (vv) to read as follows: (VV) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE CREDIT SHALL BE FIVE THOUSAND DOLLARS. ANY AMOUNT OF THE TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE CARRIED FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT HAS BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE. (2) IF BEFORE THE END OF A THREE YEAR PERIOD BEGINNING ON THE DATE OF PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER: (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE REAL PROPERTY, OR (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER, THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE PERCENTAGE OF THE CREDIT AS DETERMINED BY REGULATION ADOPTED BY THE COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT. (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN, BUT WHO ARE REQUIRED TO DETERMINE THEIR STATE TAXES SEPARATELY, THE CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE APPLIED AGAINST THE TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D, WF) Senate District
2013-S1931A - Details
- See Assembly Version of this Bill:
- A6262
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S3900
2011-2012: S1266
2013-S1931A - Sponsor Memo
BILL NUMBER:S1931A TITLE OF BILL: An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home PURPOSE OR GENERAL IDEA OF BILL: To provide purchasers of newly constructed one- or two-family residences, including condos and co-ops, with a $5,000 state tax credit returned to the homeowner within the year after purchase. This tax credit will stimulate New York's economy as well as provide incentive to those considering a home purchase. JUSTIFICATION: Sales of existing U.S. homes in December 2009 plunged 17% - the biggest decline since records began in 1968 - to a 5.45 million annual rate from 6.54 million pace the prior month, according to the National Association of Realtors, and median sales prices rose for the first time in two years, reflecting fewer first-time buyers. For New York State, a decline in building permits - from 34,500 in June 2008 to 6,400 in June 2009 -reflected a major decrease in home sales. Single family homes in New York State fell by 16.2% alone in February 2009. The federal government has provided home purchasers with a tax credit for first-time homebuyers and is extending this program up to mid 2010. Since 2006, median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000.
2013-S1931A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1931--A 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home 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 (vv) to read as follows: (VV) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE CREDIT SHALL BE FIVE THOUSAND DOLLARS. ANY AMOUNT OF THE TAX CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE CARRIED FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT HAS BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE. (2) IF BEFORE THE END OF A ONE YEAR PERIOD BEGINNING ON THE DATE OF PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER: (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE REAL PROPERTY, OR (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER, THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE PERCENTAGE OF THE CREDIT AS DETERMINED BY REGULATION ADOPTED BY THE COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT. (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN, BUT WHO ARE REQUIRED TO DETERMINE THEIR STATE TAXES SEPARATELY, THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D, WF) Senate District
2013-S1931B - Details
- See Assembly Version of this Bill:
- A6262
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S3900
2011-2012: S1266
2013-S1931B - Sponsor Memo
BILL NUMBER:S1931B TITLE OF BILL: An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home PURPOSE OR GENERAL IDEA OF BILL: To provide purchasers of newly constructed one- or two-family residences, including condos and co-ops, with a $5,000 state tax credit returned to the homeowner within the year after purchase. This tax credit will stimulate New York's economy as well as provide incentive to those considering a home purchase. JUSTIFICATION: Sales of existing U.S. homes in December 2009 plunged 17% - the biggest decline since records began in 1968 - to a 5.45 million annual rate from 6.54 million pace the prior month, according to the National Association of Realtors, and median sales prices rose for the first time in two years, reflecting fewer first-time buyers. For New York State, a decline in building permits - from 34,500 in June 2008 to 6,400 in June 2009 -reflected a major decrease in home sales. Single family homes in New York State fell by 16.2% alone in February 2009. The federal government has provided home purchasers with a tax credit for first-time homebuyers and is extending this program up to mid 2010. Since 2006, median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000.
2013-S1931B - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1931--B 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home 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 (ww) to read as follows: (WW) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE CREDIT SHALL BE FIVE THOUSAND DOLLARS. (2) IF BEFORE THE END OF A ONE YEAR PERIOD BEGINNING ON THE DATE OF PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER: (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE REAL PROPERTY, OR (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER, THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE PERCENTAGE OF THE CREDIT AS DETERMINED BY REGULATION ADOPTED BY THE COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT. (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN, BUT WHO ARE REQUIRED TO DETERMINE THEIR STATE TAXES SEPARATELY, THE CREDIT ALLOWED PURSUANT TO THIS SUBSECTION MAY BE APPLIED AGAINST THE TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D, WF) Senate District
2013-S1931C (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6262
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S3900
2011-2012: S1266
2013-S1931C (ACTIVE) - Sponsor Memo
BILL NUMBER:S1931C TITLE OF BILL: An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a new home PURPOSE OR GENERAL IDEA OF BILL: To provide purchasers of newly constructed one- or two-family residences, including condos and co-ops, with a $5,000 state tax credit returned to the homeowner within the year after purchase. This tax credit will stimulate New York's economy as well as provide incentive to those considering a home purchase. JUSTIFICATION: Sales of existing U.S. homes in December 2009 plunged 17% - the biggest decline since records began in 1968 - to a 5.45 million annual rate from 6.54 million pace the prior month, according to the National Association of Realtors, and median sales prices rose for the first time in two years, reflecting fewer first-time buyers. For New York State, a decline in building permits - from 34,500 in June 2008 to 6,400 in June 2009 reflected a major decrease in home sales. Single family homes in New York State fell by 16.2% alone in February 2009. The federal government has provided home purchasers with a tax credit for first-time homebuyers and is extending this program up to mid 2010. Since 2006, median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000.
2013-S1931C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1931--C 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. ADDABBO, ESPAILLAT -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Investigations 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 a personal income tax credit for the purchase of a new home THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (xx) is added to read as follows: (XX) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AS PROVIDED IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE AMOUNT OF THE CREDIT SHALL BE FIVE THOUSAND DOLLARS. (2) IF BEFORE THE END OF A ONE YEAR PERIOD BEGINNING ON THE DATE OF PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER: (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE REAL PROPERTY, OR (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER, THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04507-09-4
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