Bill > S00849

This bill establishes a new tax credit for builders of newly constructed homes, offering them a credit of up to fifteen percent of the profit made on the sale of a home, provided the buyer finances the purchase with a USDA mortgage. A USDA mortgage, in this context, refers to a mortgage loan that adheres to specific regulations outlined in Title 7 of the Code of Federal Regulations (CFR), Parts 3550, 3555, or 3560, which are administered by the U.S. Department of Agriculture (USDA) to support rural housing. The bill amends the tax law to include this credit, aiming to incentivize the construction of homes that can be purchased by individuals utilizing USDA loan programs, thereby potentially increasing housing availability and affordability in eligible areas.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S849