Establishes the first-time homebuyer tax credit act

Latest action Jan 7, 2026

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.

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Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A7525, the matching bill in the Assembly.

Amends the Tax Law.

Committee

Budget And Revenue · New York State Senate

Also referred to Ways and Means · New York State Assembly.

Purpose, from the sponsor's memo

To provide a credit against personal income tax for first time homebuy- ers based on the taxes levied on the taxpayer's primary residence by or on behalf of the county, city, town, village, or school district in which such property is located.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Budget And Revenue
Senate Budget And RevenueMay 28, 2025Result: passed
(4) (3) (0) (0)

Cosponsors

Alexis Weik, Anthony H. Palumbo and 10 more on Agora

Republican12

See the full list on nysenate.gov

The sponsor's argument

Why Pamela Helming says this is needed

Homeownership is widely regarded as one of the most effective tools for building personal wealth and creating intergenerational wealth. Expand- ing homeownership opportunities is also critical to the success of our local communities, employers, and the state's overall economy. An October 2022 report from the Office of the New York State Comptroller indicated New York State has the lowest homeownership rate in the entire United States. In fact, New York State has trailed the national homeown- ership average since 2005. With Increasing inflation and sky-high hous- ing prices, the ability to achieve the American Dream of homeownership is becoming even more challenging. In an effort to increase homeownership opportunities for New Yorkers, this legislation seeks to provide first time homebuyers with a tax cred- it to offset the increasing cost of purchasing a home. This tax credit will be credited against state income tax and calculated based on the first-time homebuyer's local tax burden. Because this is a credit against state income tax, it will not deprive local governments and school districts of funding.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Jan 7, 2026
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
Jun 6, 2025
Held for Consideration in Ways and Means
HELD FOR CONSIDERATION IN WAYS AND MEANS
NY Assembly
May 28, 2025
Reported out of committee
REPORTED AND COMMITTED TO LOCAL GOVERNMENT
NY Senate
Apr 1, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly

Show full history (2 earlier events)

Mar 17, 2025
In committee
NOTICE OF COMMITTEE CONSIDERATION - REQUESTED
NY Senate
Jan 8, 2025
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Nov 3, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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