New York A 7525: Relates to small claims court jurisdiction

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A07525 Summary:

BILL NOA07525 

&nbsp

SAME ASSAME AS S00850

&nbsp

SPONSORFitzpatrick

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.

Go to top A07525 Actions:

BILL NOA07525 

&nbsp

04/01/2025referred to ways and means

06/06/2025held for consideration in ways and means

01/07/2026referred to ways and means

Go to topA07525 Committee&nbspVotes:

Committee:WAYS AND MEANS Chair:Pretlow 
DATE:06/06/2025AYE/NAY:25/10 Action: Held for Consideration PretlowAyeRaNay

JacksonAyeFitzpatrickNay

ColtonAyeHawleyNay

CookAyeBlankenbushNay

BenedettoAyePalmesanoNay

WeprinAyeWalshNay

AndersonAyeDeStefanoNay

BraunsteinAyeManktelowNay

McDonaldAyeSmullenNay

RozicAyeGiglioNay

DinowitzAye

LavineAye

BronsonAye

DilanAye

SeawrightAye

HyndmanAye

WalkerAye

WrightAye

SimonAye

CruzAye

OtisAye

SolagesAye

HunterAye

EpsteinAye

SeptimoAye

Go to topA07525 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07525 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7525

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 1, 2025
 ___________

 Introduced by M. of A. FITZPATRICK -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to establishing the "first-time
 homebuyer tax credit act"

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "first-time homebuyer tax credit act".
 3 § 2. Legislative findings. The Legislature finds that homeownership is
 4 one of the most critical tools to economic security and prosperity.
 5 Homeownership is one of the most effective ways to create intergenera-
 6 tional transfers of wealth which many underserved and marginalized
 7 communities have historically been unable to achieve. However, the
 8 Legislature also finds that New York has become increasingly unafforda-
 9 ble for many first-time homebuyers due to burdensome regulation that has
 10 crippled the development of housing stock and kept prices high, as well
 11 as exorbitant property taxes that price out many individuals from
 12 putting down roots in our communities. Many children, upon reaching
 13 adulthood, are forced to move away from the towns they grew up in,
 14 simply because they cannot afford to live there. Therefore, the Legisla-
 15 ture deems it necessary to provide first-time homebuyers with a tax
 16 credit that will make it easier for them to be able to start and main-
 17 tain their lives here in our great state.
 18 § 3. Section 606 of the tax law is amended by adding a new subsection
 19 (bbb) to read as follows:
 20 (bbb) First-time homebuyer tax credit. (1) Allowance of credit. (A)
 21 Notwithstanding any provision in law to the contrary, a qualified
 22 taxpayer shall be allowed a credit against the taxes imposed by this
 23 article for taxes levied on the taxpayer's primary residence by or on
 24 behalf of any county, city, town, village, or school district in which
 25 such property is located. If the credit exceeds the tax as so reduced

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01070-01-5

 A. 7525 2

 1 for such year under this article, the excess shall be treated as an
 2 overpayment, to be credited or refunded, without interest. If a quali-
 3 fied taxpayer is not required to file a return pursuant to section six
 4 hundred fifty-one of this article, a qualified taxpayer may nevertheless
 5 receive the full amount of the credit to be credited or repaid as an
 6 overpayment, without interest.
 7 (B) For the purposes of this subsection, a qualified taxpayer shall be
 8 a person who has purchased a primary residential property, and who has
 9 not owned a primary residential property and is not married to a person
 10 who has owned a residential property, during the three-year period prior