Assembly BillIntroducedTAX
A 4241: Establishes the USDA construction tax credit for a percentage of the profit on any newly constructed home that is sold to someone qualifying with a USDA mortgage.
What A 4241 does, verified September 10, 2025
The proposed law aims to provide a tax credit to homeowners who sell newly constructed properties financed with a USDA mortgage. A taxpayer will be allowed a credit of up to 15% of the difference between the total cost to build and the final sale price of the property. This credit will be available for properties sold to individuals or entities financing the purchase with a USDA mortgage, which includes loans subject to the provisions of specific USDA regulations. The law also requires the commissioner of taxation and finance to promulgate necessary rules and regulations to implement the new tax credit. The law will take effect immediately.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: enacting clause stricken (2025-09-08)Alert me
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Sep. 08, 2025 | enacting clause stricken |
| Jan. 31, 2025 | referred to ways and means |
Latest bill textIntroduced version, January 31, 2025 · 384 words
STATE OF NEW YORK ________________________________________________________________________ 4241 2025-2026 Regular Sessions IN ASSEMBLY January 31, 2025 ___________ Introduced by M. of A. JONES -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing the USDA construction tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 61 to read as follows: 3 61. USDA construction tax credit. Notwithstanding any provision in law 4 to the contrary, a taxpayer shall be allowed a credit against such tax 5 of up to fifteen percent of the difference between the total cost to 6 build and the final sale price of any newly constructed property that a 7 taxpayer sells to a person or persons who finance the purchase of the 8 property with a USDA mortgage. For the purposes of this subdivision, a 9 USDA mortgage shall be any mortgage loan subject to the provisions of 10 Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560. 11 § 2. Section 606 of the tax law is amended by adding a new subsection 12 (bbb) to read as follows: 13 (bbb) USDA construction tax credit. Notwithstanding any provision in 14 law to the contrary, a taxpayer shall be allowed a credit against such 15 tax of up to fifteen percent of the difference between the total cost to 16 build and the final sale price of any newly constructed property that a 17 taxpayer sells to a person or persons who finance the purchase of the 18 property with a USDA mortgage. For the purposes of this subsection, a 19 USDA mortgage shall be any mortgage loan subject to the provisions of 20 Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560. 21 § 3. The commissioner of taxation and finance shall promulgate rules 22 and regulations necessary to implement this act. 23 § 4. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01073-01-5
Text of A 4241 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions