Docket Room
S 850·NY·senate

Establishes the first-time homebuyer tax credit act

In CommitteeFiled Jan 8, 2025
Sponsor: Pam Helming (R)
Latest Action

REFERRED TO BUDGET AND REVENUE

Jan 7, 2026

Summary

The bill creates a tax credit that reduces local property taxes for people buying their first primary home. Eligible buyers receive a credit equal to a declining percentage of their property tax for up to five years, and any excess is refunded without interest. It is intended to make homeownership more affordable for new buyers.

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