Bill > A02709

This bill modifies tax law to exclude owners of multiple single-family residential rental properties from receiving tax credits for interest payments and depreciation. Specifically, a "disqualified single family property owner" (defined as someone who owns more than one single-family rental property) will be ineligible for these tax credits. The bill provides exceptions for properties sold to individuals as primary residences or to qualified nonprofit organizations, which include community development corporations, land banks, community land trusts, and other housing-focused nonprofits. A "single-family residential rental property" is defined as a residential property with four or fewer dwelling units, and the restrictions do not apply to properties eligible for low-income housing credits or newly constructed properties. The bill grants the commissioner of taxation and finance the authority to create rules to implement these provisions and prevent potential avoidance of the new regulations. The goal appears to be discouraging large-scale, multi-property residential rental ownership by reducing tax incentives for such investors.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2709