New York A04241 establishes a tax credit for up to 15% of the profit on newly constructed homes sold with a USDA mortgage.

New York A04241 amends the tax law to establish a USDA construction tax credit. This credit allows a taxpayer to deduct up to 15% of the difference between the total cost to build and the final sale price of any newly constructed property sold to a person or persons who finance the purchase with a USDA mortgage. A USDA mortgage is defined as any mortgage loan subject to the provisions of Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.

New York A04241 establishes a tax credit for up to 15% of the profit on newly constructed homes sold with a USDA mortgage.

New York A04241 amends the tax law to establish a USDA construction tax credit. This credit allows a taxpayer to deduct up to 15% of the difference between the total cost to build and the final sale price of any newly constructed property sold to a person or persons who finance the purchase with a USDA mortgage. A USDA mortgage is defined as any mortgage loan subject to the provisions of Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560.