Bill
Bill > A09696
NY A09696
NY A09696Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
summary
Introduced
01/21/2026
01/21/2026
In Committee
01/21/2026
01/21/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to establishing the USDA construction tax credit
AI Summary
This bill establishes a new tax credit for builders of newly constructed homes, allowing them to claim up to fifteen percent of the profit made on a sale if the buyer finances the purchase with a USDA mortgage. A USDA mortgage refers to specific loan programs administered by the U.S. Department of Agriculture, detailed in Titles 7 CFR Parts 3550, 3555, or 3560 of the Code of Federal Regulations, which are designed to help individuals and families in rural areas achieve homeownership. This credit aims to incentivize the construction of new homes that are accessible to individuals who qualify for these USDA loan programs, thereby potentially boosting housing development and affordability for eligible buyers.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
referred to ways and means (on 01/21/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A9696 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09696&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09696 |
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