A 7478: Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.

  
  STATE OF NEW YORK ________________________________________________________________________ 7478 2025-2026 Regular Sessions  IN ASSEMBLY March 28, 2025 ___________ Introduced by M. of A. NOVAKHOV, FITZPATRICK -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a housing infrastructure tax credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The tax law is amended by adding a new section 50 to read 2 as follows: 3 § 50. Housing infrastructure tax credit. A taxpayer subject to tax 4 under article nine-A or article twenty-two of this chapter shall be 5 allowed a credit of up to ten percent of costs for infrastructure 6 projects, including but not limited to electric lines, gas lines, sewer 7 lines, septic systems, water lines, or wells, related to the 8 construction of new homes or multiple dwellings commenced on or after 9 January first, two thousand twenty-six, and completed on or before 10 December thirtieth, two thousand thirty-one. 11 § 2. Section 210-B of the tax law is amended by adding a new subdivi- 12 sion 61 to read as follows: 13 61. A taxpayer shall be allowed a credit of up to ten percent of costs 14 for infrastructure projects, including but not limited to electric 15 lines, gas lines, sewer lines, septic systems, water lines, or wells, 16 related to the construction of new homes or multiple dwellings commenced 17 on or after January first, two thousand twenty-six, and completed on or 18 before December thirtieth, two thousand thirty-one. 19 § 3. Section 606 of the tax law is amended by adding a new subsection 20 (bbb) to read as follows: 21 (bbb) A taxpayer shall be allowed a credit of up to ten percent of 22 costs for infrastructure projects, including but not limited to electric 23 lines, gas lines, sewer lines, septic systems, water lines, or wells, 24 related to the construction of new homes or multiple dwellings commenced 25 on or after January first, two thousand twenty-six, and completed on or 26 before December thirtieth, two thousand thirty-one. 27 § 4. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01069-01-5