Bill > S08826

This bill establishes the "first-time homebuyer tax credit act" in New York, which provides a tax credit to qualified taxpayers against the taxes levied on their primary residence by local governments. To qualify, a person must have not owned a primary residence in the previous three years and cannot own a vacation or investment home. The credit starts at 50% of the taxes in the first year and phases down to 10% in the fifth year, after which it expires. The bill also directs the Commissioner of Taxation and Finance to promulgate any necessary rules and regulations, and the act will take effect immediately and apply to taxable years beginning on or after January 1, 2025.