Bill > A04241

This bill establishes a new tax credit for home builders who sell newly constructed properties to buyers using specific USDA (United States Department of Agriculture) mortgage programs. The tax credit allows taxpayers to claim up to 15% of the difference between the total construction cost and the final sale price of a property, but only when the property is sold to buyers financing their purchase through a USDA mortgage. Specifically, the bill defines USDA mortgages as loans subject to three specific federal regulations: Title 7 CFR Part 3550, Title 7 CFR Part 3555, and Title 7 CFR Part 3560. The tax credit applies to both corporate income tax and personal income tax, and the New York State Commissioner of Taxation and Finance is tasked with developing the necessary rules and regulations to implement this new tax incentive. The bill is designed to encourage home construction and make homeownership more accessible for individuals using USDA mortgage programs, which typically serve rural and lower-income populations. The legislation will take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4241