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A 7706 New York Assembly · 2025 Regular Session

Grants tax credit for downpayment made on residential housing

Summary
Grants credit against personal income tax to purchasers of residential housing in the amount of any downpayment made on such housing; provides that the maximum credit shall not exceed 5 percent of the purchase price of the residential housing; requires taxpayers to meet eligibility requirements imposed by the state of New York mortgage agency.
Issues: ✓ Budget & TaxesSupports Budget & TaxesGrants tax credit reducing personal income tax burden for homebuyers, aligning with tax relief for middle-income households through downpayment assistance.90% confidence ✓ HousingSupports HousingBill provides tax credit for downpayment on residential housing, reducing upfront costs and increasing affordability for homebuyers, directly supporting affordable housing access.90% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2025
Committee Review
Floor Vote
Governor
Introduced Apr 8, 2025 Last action Jan 7, 2026
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
2
Jan 7, 2026
Committee
REFERRED TO WAYS AND MEANS
lower
Apr 8, 2025
Committee
REFERRED TO WAYS AND MEANS
lower
1 primary · 3 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Mike Fitzpatrick
Mike Fitzpatrick
RRepublican
NY
8
Co
Photo of Chris Tague
Chris Tague
RRepublican
NY
102
Co
Photo of Dave DiPietro
Dave DiPietro
RRepublican
NY
147
Co
Photo of Mike Reilly
Mike Reilly
RRepublican
NY
62