Grants tax credit for downpayment made on residential housing

Summary

The bill adds a new tax credit for down‑payments on one‑ to four‑family homes bought in New York. Eligible taxpayers who qualify for the state mortgage agency’s forward‑commitment loan program can claim a credit up to five percent of the home’s price, and unused credits can be carried forward or backward five years. The credit applies to the tax imposed under section 601 and takes effect for taxable years beginning Jan. 1 after the law is enacted.

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