New York S00851 establishes a housing infrastructure tax credit for certain infrastructure projects related to new home construction.

New York S00851 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 complete on or before December 31, 2031.

New York S00851 establishes a housing infrastructure tax credit for certain infrastructure projects related to new home construction.

New York S00851 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 complete on or before December 31, 2031.