Bill Text: NY S00851 | 2025-2026 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced) 2025-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00851 Detail]

Download: New_York-2025-S00851-Introduced.html

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                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.