Assembly BillIntroduced
A 7706: 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.
What A 7706 does, verified January 8, 2026
The bill proposes to grant a tax credit to purchasers of residential housing in the state. A taxpayer can claim a credit against personal income tax for any downpayment made on a one- to four-family residence located within the state. The credit cannot exceed five percent of the purchase price of the residential housing. Taxpayers who meet the eligibility requirements for the state's forward commitment loan program can claim this credit. Any unused credit can be carried forward or backwards for the five succeeding or preceding calendar or fiscal years. The credit can be used starting from the first taxable year following the bill's enactment.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to ways and means (2026-01-07)Alert me
Quick answers about A 7706
- What is the current status of A 7706?
- As of January 8, 2026, A 7706 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "referred to ways and means".
- Did A 7706 pass?
- Not yet. A 7706 has been introduced and has not passed either house.
- Who wrote A 7706, and where is it now?
- A 7706 was authored by Asm. Michael Fitzpatrick with 3 coauthors. Its committee of record is Assembly Ways & Means.
Author and sponsors
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| Jan. 07, 2026 | referred to ways and means |
| Apr. 08, 2025 | referred to ways and means |
Latest bill textIntroduced version, April 8, 2025 · 343 words
STATE OF NEW YORK ________________________________________________________________________ 7706 2025-2026 Regular Sessions IN ASSEMBLY April 8, 2025 ___________ Introduced by M. of A. FITZPATRICK, DiPIETRO, REILLY, TAGUE -- Multi- Sponsored by -- M. of A. MANKTELOW -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to granting to purchasers of residential housing a credit against personal income tax in the amount of any downpayment made on such housing The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (r-1) to read as follows: 3 (r-1) Credit for downpayment made by purchasers of residential hous- 4 ing. (1) A taxpayer shall be allowed a credit against the tax imposed by 5 section six hundred one of this part for any downpayment made on the 6 purchase of a one- to four-family residence located within the state. 7 Any tax credit not used in the taxable year in which the residence was 8 purchased may be carried forward or backwards for the five, immediately 9 succeeding or preceding, calendar or fiscal years until the full credit 10 has been allowed. The aggregate amount of the tax credit allowed under 11 this subsection shall not exceed five percent of the purchase price of 12 the residential housing. 13 (2) The provisions of this subsection shall only apply to taxpayers 14 who meet the eligibility requirements imposed by the state of New York 15 mortgage agency for its forward commitment loan program pursuant to 16 article eight of the public authorities law. 17 § 2. This act shall take effect immediately and shall apply to taxable 18 years commencing on or after the first of January next succeeding the 19 date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08962-01-5
Text of A 7706 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions