Assembly Bill A6124

2019-2020 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

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2019-A6124 (ACTIVE) - Details

See Senate Version of this Bill:
S4858
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5819, S1094
2011-2012: A2575, S762
2013-2014: A3316, S2047
2015-2016: A3193, S2769
2017-2018: A3883, S851
2021-2022: A5666
2023-2024: A4884

2019-A6124 (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.

2019-A6124 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6124
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 28, 2019
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK,  TAGUE,  BLANKENBUSH, DiPIETRO,
   GIGLIO, FINCH, SALKA -- Multi-Sponsored by -- M. of A. BARCLAY, DeSTE-
   FANO, HAWLEY, KOLB, MANKTELOW, 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.
   § 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.
                                                            LBD03853-01-9

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