Assembly Bill A10445

2023-2024 Legislative Session

Establishes the USDA construction tax credit

download bill text pdf

Sponsored By

Current 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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2023-A10445 (ACTIVE) - Details

See Senate Version of this Bill:
S8963
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L

2023-A10445 (ACTIVE) - Summary

Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.

2023-A10445 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10445
 
                           I N  A S S E M B L Y
 
                               May 24, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Jones) --
   read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax  law,  in  relation  to  establishing  the  USDA
   construction tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 60 to read as follows:
   60. USDA CONSTRUCTION TAX CREDIT. NOTWITHSTANDING ANY PROVISION IN LAW
 TO  THE  CONTRARY, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX
 OF UP TO FIFTEEN PERCENT OF THE DIFFERENCE BETWEEN  THE  TOTAL  COST  TO
 BUILD  AND THE FINAL SALE PRICE OF ANY NEWLY CONSTRUCTED PROPERTY THAT A
 TAXPAYER SELLS TO A PERSON OR PERSONS WHO FINANCE THE  PURCHASE  OF  THE
 PROPERTY  WITH  A USDA MORTGAGE. FOR THE PURPOSES OF THIS SUBDIVISION, A
 USDA MORTGAGE SHALL BE ANY MORTGAGE LOAN SUBJECT TO  THE  PROVISIONS  OF
 TITLE 7 CFR PART 3550, TITLE 7 CFR PART 3555, OR TITLE 7 CFR PART 3560.
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (ppp) to read as follows:
   (PPP) USDA CONSTRUCTION TAX CREDIT. NOTWITHSTANDING ANY  PROVISION  IN
 LAW  TO  THE CONTRARY, A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST SUCH
 TAX OF UP TO FIFTEEN PERCENT OF THE DIFFERENCE BETWEEN THE TOTAL COST TO
 BUILD AND THE FINAL SALE PRICE OF ANY NEWLY CONSTRUCTED PROPERTY THAT  A
 TAXPAYER  SELLS  TO  A PERSON OR PERSONS WHO FINANCE THE PURCHASE OF THE
 PROPERTY WITH A USDA MORTGAGE. FOR THE PURPOSES OF  THIS  SUBSECTION,  A
 USDA  MORTGAGE  SHALL  BE ANY MORTGAGE LOAN SUBJECT TO THE PROVISIONS OF
 TITLE 7 CFR PART 3550, TITLE 7 CFR PART 3555, OR TITLE 7 CFR PART 3560.
   § 3. The commissioner of the department of taxation and finance  shall
 promulgate rules and regulations necessary to implement this act.
   § 4. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15087-01-4

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