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Bill > S08963
NY S08963
NY S08963Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
summary
Introduced
04/03/2024
04/03/2024
In Committee
04/03/2024
04/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to establishing the USDA construction tax credit
AI Summary
This bill establishes a USDA construction tax credit, which allows taxpayers to claim a credit of up to 15% of the difference between the total cost to build and the final sale price of any newly constructed property that is sold to a person or persons who finance the purchase with a USDA mortgage. A USDA mortgage refers to any mortgage loan subject to the provisions of Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560. The bill requires the Commissioner of the Department of Taxation and Finance to promulgate rules and regulations necessary to implement this act, and it takes effect immediately.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
REFERRED TO BUDGET AND REVENUE (on 04/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S8963 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S08963&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08963 |
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