Bill > A07478

This bill establishes a new housing infrastructure tax credit that allows taxpayers subject to specific tax articles (nine-A and twenty-two) to claim a tax credit of up to 10% of costs for infrastructure projects related to new home or multiple dwelling construction. The infrastructure projects eligible for the credit include essential utility and service installations such as electric lines, gas lines, sewer lines, septic systems, water lines, and wells. The tax credit is specifically targeted at new construction projects that are commenced on or after January 1, 2026, and completed on or before December 30, 2031. By providing this financial incentive, the bill aims to encourage and support the development of new housing by offsetting some of the infrastructure development costs. The credit applies to both individual income taxpayers and corporate taxpayers, and can be used to reduce their overall tax liability for projects that meet the specified criteria during the designated time period.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7478