Bill > S10318

This bill, known as the "Marriage Equality Deed Correction Tax Credit Act," establishes a tax credit for same-sex couples in New York who, prior to the legalization of same-sex marriage, purchased a primary residence and recorded the deed as "tenants in common" or "joint tenants with right of survivorship" because they were prohibited from recording it as "tenants by the entirety." To qualify for this credit, a couple must still own and occupy the residence, and during the current tax year, they must re-record the deed to reflect their ownership as "tenants by the entirety," which is a form of joint ownership that provides certain legal protections. The credit will be the lesser of $500 or the actual recording fees paid to change the deed status, and it can only be claimed once per couple for one residence. However, the credit is not available if the couple's combined gross income exceeds $300,000, if the property is commercial, or if the individual is claimed as a dependent by another taxpayer. Any unused credit can be carried over for up to three years. This act takes effect immediately, applies to tax years beginning on or after January 1, 2027, and will expire and be repealed on January 1, 2029, though credits earned before the repeal can still be claimed.