Establishes the "first-time homebuyer tax credit act" to provide tax credits for first-time homebuyers in New York.

The "first-time homebuyer tax credit act" establishes a tax credit for qualified first-time homebuyers in New York. A qualified taxpayer is someone who has not owned a primary residential property and is not married to a person who has owned a residential property in the three years prior to purchase, and does not own a vacation or investment home. The credit lasts five years and is computed based on the year of purchase, with decreasing percentages each year. The commissioner of taxation and finance will implement the provisions of this act.

Establishes the "first-time homebuyer tax credit act" to provide tax credits for first-time homebuyers in New York.

The "first-time homebuyer tax credit act" establishes a tax credit for qualified first-time homebuyers in New York. A qualified taxpayer is someone who has not owned a primary residential property and is not married to a person who has owned a residential property in the three years prior to purchase, and does not own a vacation or investment home. The credit lasts five years and is computed based on the year of purchase, with decreasing percentages each year. The commissioner of taxation and finance will implement the provisions of this act.