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A 7525 New York Assembly · 2025 Regular Session

Establishes the first-time homebuyer tax credit act

Summary
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
Issues: ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit for primary residence taxes, offering relief to first-time homebuyers, aligning with tax relief indicators.95% confidence ✓ HousingSupports HousingProvides tax credit for first-time homebuyers, reducing costs and increasing affordability of primary residences.90% confidence
Bill status failed 1 of 4 stages cleared
Introduction
Apr 2025
Committee Review
Floor Vote
Governor
Introduced Apr 1, 2025 Last action Jan 7, 2026
Floor votes

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Full legislative history

Actions timeline

Total actions
3
Key actions
0
Committee
2
Jan 7, 2026
Committee
REFERRED TO WAYS AND MEANS
lower
Apr 1, 2025
Committee
REFERRED TO WAYS AND MEANS
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Mike Fitzpatrick
Mike Fitzpatrick
RRepublican
NY
8