Establishes a housing infrastructure tax credit for up to 10% of costs for infrastructure projects related to new homes or multiple dwellings.

New York Assembly Bill A07478 amends the tax law to establish a housing infrastructure tax credit. This credit allows taxpayers a deduction of up to ten percent of costs for infrastructure projects, including electric lines, gas lines, sewer lines, septic systems, water lines, or wells. These projects must be related to the construction of new homes or multiple dwellings that commence on or after January 1, 2026, and are completed before December 31, 2031. The credit is applicable to taxpayers subject to tax under article nine-A or article twenty-two of the tax law.

Establishes a housing infrastructure tax credit for up to 10% of costs for infrastructure projects related to new homes or multiple dwellings.

New York Assembly Bill A07478 amends the tax law to establish a housing infrastructure tax credit. This credit allows taxpayers a deduction of up to ten percent of costs for infrastructure projects, including electric lines, gas lines, sewer lines, septic systems, water lines, or wells. These projects must be related to the construction of new homes or multiple dwellings that commence on or after January 1, 2026, and are completed before December 31, 2031. The credit is applicable to taxpayers subject to tax under article nine-A or article twenty-two of the tax law.