New York S 851: Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects

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S00851 Summary:

BILL NOS00851 

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SAME ASSAME AS A07478

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SPONSORHELMING

&nbsp

COSPNSRBORRELLO, MARTINS, ORTT, RHOADS, ROLISON

&nbsp

MLTSPNSR

&nbsp

Add §50, amd §§210-B & 606, Tax L

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Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.

Go to top S00851 Actions:

BILL NOS00851 

&nbsp

01/08/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS00851 Committee&nbspVotes:

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

Go to topS00851 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 851

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, BORRELLO, MARTINS, ORTT, RHOADS, ROLISON --
 read twice and ordered printed, and when printed to be committed to
 the Committee on Investigations and Government Operations

 AN ACT to amend the tax law, in relation to establishing a housing
 infrastructure tax credit

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

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Housing infrastructure tax credit. A taxpayer subject to tax
 4 under article nine-A or article twenty-two of this chapter shall be
 5 allowed a credit of up to ten percent of costs for infrastructure
 6 projects, including but not limited to electric lines, gas lines, sewer
 7 lines, septic systems, water lines, or wells, related to the
 8 construction of new homes or multiple dwellings commenced on or after
 9 January first, two thousand twenty-six, and completed on or before
 10 December thirtieth, two thousand thirty-one.
 11 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 12 sion 61 to read as follows:
 13 61. A taxpayer shall be allowed a credit of up to ten percent of costs
 14 for infrastructure projects, including but not limited to electric
 15 lines, gas lines, sewer lines, septic systems, water lines, or wells,
 16 related to the construction of new homes or multiple dwellings commenced
 17 on or after January first, two thousand twenty-six, and completed on or
 18 before December thirtieth, two thousand thirty-one.
 19 § 3. Section 606 of the tax law is amended by adding a new subsection
 20 (bbb) to read as follows:
 21 (bbb) A taxpayer shall be allowed a credit of up to ten percent of
 22 costs for infrastructure projects, including but not limited to electric
 23 lines, gas lines, sewer lines, septic systems, water lines, or wells,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01069-01-5

 S. 851 2

 1 related to the construction of new homes or multiple dwellings commenced
 2 on or after January first, two thousand twenty-six, and completed on or
 3 before December thirtieth, two thousand thirty-one.
 4 § 4. This act shall take effect immediately.

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