Bill > A07706

This bill introduces a new tax credit for homebuyers in New York State that provides a personal income tax credit equal to the amount of their downpayment when purchasing a one-to-four family residential property located within the state. The credit is capped at 5 percent of the home's purchase price, and any unused credit can be carried forward or backward for up to five years. To qualify for the credit, taxpayers must meet the eligibility requirements set by the New York State Mortgage Agency's forward commitment loan program. This means the credit is not available to all homebuyers, but only those who meet specific criteria established by the state mortgage agency. The tax credit is designed to help make homeownership more accessible by providing financial relief to qualifying homebuyers at the time of purchase. The bill will take effect immediately and apply to taxable years beginning on or after January 1st following its enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7706