Bill > A09717

This bill establishes the "first-time homebuyer tax credit act", which provides a tax credit against the state taxes levied on a qualified taxpayer's primary residence. A qualified taxpayer is someone who has not owned a primary residence for the past three years and does not own a vacation or investment property. The tax credit is available for the first five years after the purchase of the primary residence, with the credit amount decreasing each year (50% in year 1, 40% in year 2, 30% in year 3, 20% in year 4, and 10% in year 5). The bill aims to make homeownership more accessible and affordable for first-time homebuyers in New York.