A 9696: 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 9696 does, verified January 25, 2026
The proposed bill aims to establish a tax credit for taxpayers who sell newly constructed properties to individuals who finance the purchase with a USDA mortgage. This credit can be up to 15% of the difference between the total cost to build and the final sale price. The credit applies to both individuals and businesses. The bill also requires the commissioner of taxation and finance to promulgate rules and regulations to implement the tax credit. The proposed law will take effect immediately.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to ways and means (2026-01-21)Alert me
Quick answers about A 9696
- What is the current status of A 9696?
- As of January 25, 2026, A 9696 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 21, 2026, was "referred to ways and means".
- Did A 9696 pass?
- Not yet. A 9696 has been introduced and has not passed either house.
- Who wrote A 9696, and where is it now?
- A 9696 was authored by Asm. Michael Cashman. Its committee of record is Assembly Ways & Means. It is filed under TAX, alongside 323 other New York TAX bills this session.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions1 total · showing 1
| Jan. 21, 2026 | referred to ways and means |
Latest bill textIntroduced version, January 21, 2026 · 382 words
STATE OF NEW YORK ________________________________________________________________________ 9696 IN ASSEMBLY January 21, 2026 ___________ Introduced by M. of A. CASHMAN -- read once and referred to the Commit- tee 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 63 to read as follows: 3 63. 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. LBD01073-03-6
Text of A 9696 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions