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.
Summary
A07478 would create a new “housing infrastructure tax credit” in New York tax law. The credit would allow eligible taxpayers to claim up to 10% of costs for infrastructure projects tied to the construction of new homes or multiple dwellings, including electric, gas, sewer, septic, water lines, and wells. The bill applies to projects commenced on or after January 1, 2026 and completed on or before December 30, 2031.
The credit is added across multiple tax provisions so it can be claimed by taxpayers subject to corporate franchise tax under article 9-A and personal income tax under article 22, as well as through the corresponding credit provisions in the tax law. The bill takes effect immediately, but the underlying construction projects must fall within the specified start and completion dates to qualify.
Impact
The bill would amend the Tax Law by adding a new housing infrastructure credit and conforming provisions for corporate and personal income taxpayers. If enacted, it would reduce state tax liability for eligible taxpayers that incur qualifying infrastructure costs associated with new residential development, effectively subsidizing utility and site-preparation expenses for housing projects. The measure is aimed at encouraging new home and multifamily construction by lowering upfront infrastructure costs for developers and other taxpayers involved in such projects.
Sentiment
There is limited recorded legislative sentiment available because there are no committee transcripts or votes in the provided materials. Based on the bill’s structure and stated purpose, it appears to be a pro-housing, development-oriented incentive measure intended to support new construction. No formal support or opposition is documented in the available record.
Contention
No specific points of contention are documented in the provided materials. Potential areas of debate, based on the bill text, could include the fiscal cost of the tax credit to the state, whether the credit would meaningfully increase housing supply, and whether the benefit would primarily accrue to developers or other taxpayers rather than directly to homebuyers or renters. The bill’s eligibility window and the definition of qualifying infrastructure costs could also be subject to scrutiny.
Same As
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.