New York A 7706: Grants tax credit for downpayment made on residential housing

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 
A07706 Summary:

BILL NOA07706 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFitzpatrick (MS)

&nbsp

COSPNSRDiPietro, Reilly, Tague

&nbsp

MLTSPNSRManktelow

&nbsp

Amd §606, Tax L

&nbsp

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.

Go to top A07706 Actions:

BILL NOA07706 

&nbsp

04/08/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07706 Committee&nbspVotes:

Go to topA07706 Floor&nbspVotes:

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

Go to topA07706 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7706

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 8, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, DiPIETRO, REILLY, TAGUE -- Multi-
 Sponsored by -- M. of A. MANKTELOW -- 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:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (r-1) to read as follows:
 3 (r-1) Credit for downpayment made by purchasers of residential hous-
 4 ing. (1) A taxpayer shall be allowed a credit against the tax imposed by
 5 section six hundred one of this part for any downpayment made on the
 6 purchase of a one- to four-family residence located within the state.
 7 Any tax credit not used in the taxable year in which the residence was
 8 purchased may be carried forward or backwards for the five, immediately
 9 succeeding or preceding, calendar or fiscal years until the full credit
 10 has been allowed. The aggregate amount of the tax credit allowed under
 11 this subsection shall not exceed five percent of the purchase price of
 12 the residential housing.
 13 (2) The provisions of this subsection shall only apply to taxpayers
 14 who meet the eligibility requirements imposed by the state of New York
 15 mortgage agency for its forward commitment loan program pursuant to
 16 article eight of the public authorities law.
 17 § 2. This act shall take effect immediately and shall apply to taxable
 18 years commencing on or after the first of January next succeeding the
 19 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.
 LBD08962-01-5

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps