New York S 5864: Establishes a tax credit for rent paid on the personal residence of certain taxpayers

Bill Text

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S05864 Summary:

BILL NOS05864 

&nbsp

SAME ASSAME AS A03215

&nbsp

SPONSORGOUNARDES

&nbsp

COSPNSRHELMING

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

Go to top S05864 Actions:

BILL NOS05864 

&nbsp

03/03/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05864 Committee&nbspVotes:

Go to topS05864 Floor&nbspVotes:

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

Go to topS05864 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5864

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sens. GOUNARDES, HELMING -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Budget and
 Revenue

 AN ACT to amend the tax law, in relation to establishing a tax credit
 for rent paid on the personal residence of certain taxpayers

 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 (bbb) to read as follows:
 3 (bbb) Rent relief credit. (1) Allowance of credit. A qualified taxpay-
 4 er shall be allowed a credit to be computed as provided in paragraph two
 5 of this subsection against the tax imposed by this article.
 6 (2) Computation of credit. (A) Except as provided in subparagraphs (B)
 7 and (C) of this paragraph the amount of the credit allowed under this
 8 subsection shall be as follows:
 9 (i) One hundred percent of the excess of thirty percent of the taxpay-
 10 er's gross income such taxpayer pays in rent for such taxable year for
 11 taxpayers whose gross income is twenty-five thousand dollars or less;
 12 (ii) Seventy-five percent of the excess of thirty percent of the
 13 taxpayer's gross income such taxpayer pays in rent for such taxable year
 14 for taxpayers whose gross income is greater than twenty-five thousand
 15 dollars but less than fifty thousand dollars;
 16 (iii) Fifty percent of the excess of thirty percent of the taxpayer's
 17 gross income such taxpayer pays in rent for such taxable year for
 18 taxpayers whose gross income is fifty thousand dollars or greater but
 19 less than seventy-five thousand dollars;
 20 (iv) Twenty-five percent of the excess of thirty percent of the
 21 taxpayer's gross income such taxpayer pays in rent for such taxable year
 22 for taxpayers whose gross income is seventy-five thousand dollars or
 23 greater but less than one hundred thousand dollars; or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05171-01-5

 S. 5864 2

 1 (v) Zero percent of the excess of thirty percent of the taxpayer's
 2 gross income such taxpayer pays in rent for such taxable year for
 3 taxpayers whose gross income is one hundred thousand dollars or greater.
 4 (B) Notwithstanding the provisions of subparagraph (A) of this para-
 5 graph, where the primary residence of a taxpayer is located in an area
 6 for which, under the rule published in the federal register on November
 7 sixteenth of two thousand sixteen (81 Fed. Reg. 80567), the small area
 8 fair market rent is used for purposes of the federal housing choice
 9 voucher program the amount of the credit allowed under this subsection
 10 shall be as follows:
 11 (i) One hundred percent of the excess of thirty percent of the taxpay-
 12 er's gross income such taxpayer pays in rent for such taxable year for
 13 taxpayers whose gross income is twenty-five thousand dollars or less;
 14 (ii) Seventy-five percent of the excess of thirty percent of the
 15 taxpayer's gross income such taxpayer pays in rent for such taxable year
 16 for taxpayers whose gross income is greater than twenty-five thousand
 17 dollars but less than fifty thousand dollars;
 18 (iii) Fifty percent of the excess of thirty percent of the taxpayer's
 19 gross income such taxpayer pays in rent for such taxable year for
 20 taxpayers whose gross income is fifty thousand dollar