Assembly Bill A3193

2015-2016 Legislative Session

Grants tax credit for downpayment made on residential housing

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2015-A3193 (ACTIVE) - Details

See Senate Version of this Bill:
S2769
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5819, S1094
2011-2012: A2575, S762
2013-2014: A3316, S2047
2017-2018: A3883, S851
2019-2020: A6124, S1001, S4858
2021-2022: A5666
2023-2024: A4884

2015-A3193 (ACTIVE) - Summary

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.

2015-A3193 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3193

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

Introduced  by  M.  of A. FITZPATRICK, FINCH, McKEVITT, GIGLIO -- Multi-
  Sponsored by -- M. of A.   BARCLAY, KOLB,  THIELE  --  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:

  Section  1.    Section  606  of the tax law is amended by adding a new
subsection (r-1) to read as follows:
  (R-1) CREDIT FOR DOWNPAYMENT MADE BY PURCHASERS OF  RESIDENTIAL  HOUS-
ING. (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 ONE- TO FOUR-FAMILY RESIDENCE LOCATED  WITHIN  THE  STATE.
ANY  TAX  CREDIT NOT USED IN THE TAXABLE YEAR IN WHICH THE RESIDENCE WAS
PURCHASED MAY BE CARRIED FORWARD OR BACKWARDS FOR THE FIVE,  IMMEDIATELY
SUCCEEDING  OR PRECEDING, CALENDAR OR FISCAL YEARS UNTIL THE FULL CREDIT
HAS BEEN ALLOWED.  THE AGGREGATE AMOUNT OF THE TAX CREDIT ALLOWED  UNDER
THIS  SUBSECTION  SHALL NOT EXCEED FIVE PERCENT OF THE PURCHASE PRICE OF
THE RESIDENTIAL HOUSING.
  (2) THE PROVISIONS OF THIS SUBSECTION SHALL ONLY  APPLY  TO  TAXPAYERS
WHO  MEET  THE ELIGIBILITY REQUIREMENTS IMPOSED BY THE STATE OF NEW YORK
MORTGAGE AGENCY FOR ITS FORWARD  COMMITMENT  LOAN  PROGRAM  PURSUANT  TO
ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW.
  S 2. This act shall take effect immediately and shall apply to taxable
years  commencing  on  or after the first of January next succeeding the
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.
                                                           LBD05751-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.