New York S 849: Relates to the statute of limitations for actions based on employment discrimination

Bill Text

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S00849 Summary:

BILL NOS00849A

&nbsp

SAME ASSAME AS A09696

&nbsp

SPONSORHELMING

&nbsp

COSPNSRGALLIVAN

&nbsp

MLTSPNSR

&nbsp

Amd §§210-B & 606, Tax L

&nbsp

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.

Go to top S00849 Actions:

BILL NOS00849A

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

01/21/2026AMEND AND RECOMMIT TO BUDGET AND REVENUE

01/21/2026PRINT NUMBER 849A

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

Go to topS00849 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 849--A

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, GALLIVAN -- read twice and ordered printed,
 and when printed to be committed to the Committee on Budget and Reven-
 ue -- recommitted to the Committee on Budget and Revenue in accordance
 with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 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:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 63 to read as follows:
 3 63. USDA construction tax credit. Notwithstanding any provision in law
 4 to the contrary, a taxpayer shall be allowed a credit against such tax
 5 of up to fifteen percent of the difference between the total cost to
 6 build and the final sale price of any newly constructed property that a
 7 taxpayer sells to a person or persons who finance the purchase of the
 8 property with a USDA mortgage. For the purposes of this subdivision, a
 9 USDA mortgage shall be any mortgage loan subject to the provisions of
 10 Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.
 11 § 2. Section 606 of the tax law is amended by adding a new subsection
 12 (bbb) to read as follows:
 13 (bbb) USDA construction tax credit. Notwithstanding any provision in
 14 law to the contrary, a taxpayer shall be allowed a credit against such
 15 tax of up to fifteen percent of the difference between the total cost to
 16 build and the final sale price of any newly constructed property that a
 17 taxpayer sells to a person or persons who finance the purchase of the
 18 property with a USDA mortgage. For the purposes of this subsection, a
 19 USDA mortgage shall be any mortgage loan subject to the provisions of
 20 Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.
 21 § 3. The commissioner of taxation and finance shall promulgate rules
 22 and regulations necessary to implement this act.
 23 § 4. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01073-02-6

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