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A 7478

Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects

2025 Regular Session Introduced by Mike Fitzpatrick and 1 co-sponsor

Creates a housing infrastructure tax credit worth up to 10% of project costs to spur investment by developers and local governments.

REFERRED TO WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 7478

Summary: Assembly Bill A 7478 – Housing Infrastructure Tax Credit

Overview

  • Bill number/title: A 7478 — Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects
  • Jurisdiction/Form: Assembly bill (A), New York
  • Status: Referred to the Ways and Means Committee
  • Introduced: March 28, 2025
  • ** Legislative actions:** On March 28, 2025 the bill was referred to Ways and Means (listed twice in the actions)

Purpose and Intent

  • The bill aims to create a state-level tax credit designed to support the development of housing-related infrastructure. By offering a credit equal to up to 10% of costs for eligible infrastructure projects, the legislation seeks to incentivize private and public investment in housing infrastructure.

Key Provisions (as disclosed)

  • Credit amount: Up to 10% of project costs eligible for the credit.
  • Scope: The credit is described as supporting “housing infrastructure projects.” Specific definitions of eligible projects, eligible costs, and the broader program parameters are not provided in the available information.
  • Administration and rules: Details about how the credit is claimed, eligibility criteria, cap allocations, carryforward/refundability, project timing, and application processes are not specified in the provided text.

Who/What Would Be Affected

  • Beneficiaries: Likely developers, property owners, local governments, and other entities undertaking housing infrastructure projects that would qualify for the credit.
  • Public finances: The credit would impact state tax revenues, with potential reductions corresponding to approved credits. Specific fiscal impact is not provided.

Related Legislation

  • A 9709 (prior-session): A related bill from a previous legislative session
  • S 851 (companion): Senate companion bill to the Assembly measure (listed as companion in the materials)

Procedural and Timeline Aspects

  • Current stage: Referred to the Ways and Means Committee, indicating the bill is in the early legislative stage and has not yet advanced to floor consideration.
  • Next steps: If advanced, the committee would review the bill, hold hearings if proposed, and potentially move it to a vote by the full Assembly. If enacted, the bill would require approval by both legislative chambers and the governor.

Notes for Readers

  • The information provided does not include detailed provisions such as eligibility criteria, definitions of “housing infrastructure,” application procedures, sunset provisions, caps by year, or whether the credit is refundable or nonrefundable. A fuller understanding will require the bill text and committee analyses once released.
  • taxpayers and developers should watch for updates from the Ways and Means Committee and for any companion Senate action (S 851) to gauge potential movement and alignment between chambers.

Compiled from official sources — confirm details with the bill’s official record.

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