New York A07706 grants a tax credit to purchasers of residential housing for any downpayment made, up to 5% of the purchase price.

New York A07706 amends the tax law to allow a credit against personal income tax for downpayments made on residential housing. The credit is limited to the amount of the downpayment and can be carried forward or backward for up to five years. The maximum credit is capped at 5% of the purchase price of the residential housing. This credit applies only to taxpayers who meet the eligibility requirements set by the New York State Mortgage Agency for its forward commitment loan program.

New York A07706 grants a tax credit to purchasers of residential housing for any downpayment made, up to 5% of the purchase price.

New York A07706 amends the tax law to allow a credit against personal income tax for downpayments made on residential housing. The credit is limited to the amount of the downpayment and can be carried forward or backward for up to five years. The maximum credit is capped at 5% of the purchase price of the residential housing. This credit applies only to taxpayers who meet the eligibility requirements set by the New York State Mortgage Agency for its forward commitment loan program.