Bill Text: NY S01266 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides an income tax credit for three years to a taxpayer who purchases a new primary residence for one million dollars or less.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2012-01-09 - PRINT NUMBER 1266A [S01266 Detail]

Download: New_York-2011-S01266-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1266
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    January 6, 2011
                                      ___________
       Introduced  by  Sens.  ADDABBO, LANZA -- 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 providing a personal income
         tax credit for the purchase of a new home
         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 (ss) to read as follows:
    3    (SS) REAL PROPERTY PURCHASE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED  A
    4  CREDIT  AS  PROVIDED  IN THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS
    5  ARTICLE FOR THE PURCHASE OF ELIGIBLE REAL PROPERTY. THE  AMOUNT  OF  THE
    6  CREDIT SHALL BE FIVE THOUSAND DOLLARS.  ANY AMOUNT OF THE TAX CREDIT NOT
    7  USED  IN  THE  TAXABLE  YEAR IN WHICH THE RESIDENCE WAS PURCHASED MAY BE
    8  CARRIED FORWARD FOR THREE YEARS UNTIL THE FULL AMOUNT OF THE CREDIT  HAS
    9  BEEN ALLOWED AND ANY AMOUNT NOT USED SHALL LAPSE.
   10    (2)  IF BEFORE THE END OF A THREE YEAR PERIOD BEGINNING ON THE DATE OF
   11  PURCHASE OF SUCH ELIGIBLE REAL PROPERTY BY THE TAXPAYER:
   12    (I) THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN SUCH ELIGIBLE
   13  REAL PROPERTY, OR
   14    (II) SUCH ELIGIBLE REAL PROPERTY CEASES TO BE USED  AS  THE  PRINCIPAL
   15  RESIDENCE OF THE TAXPAYER,
   16  THE TAXPAYER'S TAX IMPOSED BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH
   17  SUCH DISPOSITION OR CESSATION OCCURS SHALL BE INCREASED BY THE RECAPTURE
   18  PERCENTAGE  OF  THE  CREDIT  AS  DETERMINED BY REGULATION ADOPTED BY THE
   19  COMMISSIONER, FOR ALL PRIOR TAXABLE YEARS WITH RESPECT TO SUCH CREDIT.
   20    (3) IN THE CASE OF A HUSBAND AND WIFE WHO FILE A JOINT FEDERAL RETURN,
   21  BUT WHO ARE REQUIRED TO DETERMINE  THEIR  STATE  TAXES  SEPARATELY,  THE
   22  CREDIT  ALLOWED  PURSUANT  TO THIS SUBSECTION MAY BE APPLIED AGAINST THE
   23  TAX IMPOSED OF EITHER OR DIVIDED BETWEEN THEM AS THEY MAY ELECT.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01381-01-1
       S. 1266                             2
    1    (4) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM "ELIGIBLE REAL PROP-
    2  ERTY" SHALL MEAN A NEWLY CONSTRUCTED ONE OR TWO FAMILY RESIDENCE IN THIS
    3  STATE, WHICH HAS NOT BEEN PREVIOUSLY OCCUPIED, PURCHASED FOR ONE MILLION
    4  DOLLARS OR LESS AND THAT IS THE PRIMARY RESIDENCE OF  THE  TAXPAYER.  TO
    5  QUALIFY AS ELIGIBLE REAL PROPERTY, THE TAXPAYER MUST RESIDE IN THE PROP-
    6  ERTY  AS  A  PRINCIPAL  RESIDENCE  FOR  AT  LEAST  THREE YEARS AFTER THE
    7  PURCHASE OF SUCH ELIGIBLE REAL PROPERTY.
    8    S 2. This act shall take effect on the thirtieth day  after  it  shall
    9  have  become  a  law and shall apply to eligible real property purchased
   10  pursuant to contracts of sale executed after the effective date of  this
   11  act.