New York S 850: Establishes the first-time homebuyer tax credit act

Bill Text

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S00850 Summary:

BILL NOS00850 

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SAME ASSAME AS A07525

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SPONSORHELMING

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COSPNSRBORRELLO, CANZONERI-FITZPATRICK, CHAN, GALLIVAN, MURRAY, PALUMBO, RHOADS, ROLISON, WEBER, WEIK

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MLTSPNSR

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Amd §606, Tax L

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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 S00850 Actions:

BILL NOS00850 

&nbsp

01/08/2025REFERRED TO BUDGET AND REVENUE

03/17/2025NOTICE OF COMMITTEE CONSIDERATION - REQUESTED

05/28/2025REPORTED AND COMMITTED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS00850 Committee&nbspVotes:

Go to topS00850 Floor&nbspVotes:

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

Go to topS00850 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 850

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, BORRELLO, GALLIVAN, RHOADS, ROLISON, WEBER,
 WEIK -- read twice and ordered printed, and when printed to be commit-
 ted to the Committee on Budget and Revenue

 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

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

 S. 850 2

 1 behalf of any county, city, town, village, or school district in which
 2 such property is located. If the credit exceeds the tax as so reduced
 3 for such year under this article, the excess shall be treated as an
 4 overpayment, to be credited or refunded, without interest. If a quali-
 5 fied taxpayer is not required to file a return pursuant to section six
 6 hundred fifty-one of this article, a qualified taxpayer may nevertheless
 7 receive the full amount of the credit to be credited or repaid as an
 8 overpayment, without interest.
 9 (B) For the purposes of this subsection, a qualified taxpayer shall be
 10 a person who has purchased a primary residential property, and who has
 11 not owned a primary residential property and is not married to a person
 12 who has owned a residential property, during the three-year period prior
 13 to such taxpayer's purchase of the primary residential property, and who
 14 does not own a vacation or investment home.
 15 (2) Calculation of credit. Such credit shall last five years from the
 16 date of purchase of the primar