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Bill

A 2709

Excludes certain owners of single family residential rental properties from being eligible for credits for interest payments and depreciation for such rental properties

2025 Regular Session Introduced by Linda Rosenthal

Excludes certain owners of single-family residential rental properties from claiming tax credits for mortgage interest and depreciation, altering who benefits.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 2709

Summary of Bill A 2709 (New York Assembly)

Overview

Bill A 2709 would exclude certain owners of single-family residential rental properties from eligibility for credits related to interest payments and depreciation for those rental properties. The bill was introduced on January 22, 2025 and is currently REFERRED TO WAYS AND MEANS. Linda Rosenthal is listed as the primary sponsor.

Purpose and Intent

  • The bill targets the eligibility rules for tax credits tied to interest payments and depreciation for single-family rental properties.
  • By specifying exclusions, the measure aims to narrow which owners can claim these credits, shifting the fiscal impact and potentially the economics of owning single-family rental properties.

Key Provisions (as indicated by title and status)

  • Exemption/Eligibility Modification: The bill would exclude certain owners of single-family residential rental properties from claiming credits for interest payments and for depreciation on those properties.
  • Definition of “certain owners”: The bill would define which owners are affected, though the specific criteria are not provided in the summary; the exact language would appear in the bill text.
  • Application: The exclusions would apply to eligible credits tied to mortgage interest and depreciation for single-family rentals, altering who may receive these benefits.

Who Would Be Affected

  • Owners of single-family residential rental properties who meet the bill’s exclusion criteria would lose eligibility for the referenced credits.
  • Owners not meeting the exclusion criteria would retain eligibility as currently existing (subject to other applicable tax rules).

Financial and Policy Implications

  • Tax Impact: Affects after-tax costs for the affected group by removing or reducing credits tied to interest payments and depreciation.
  • Investment Decisions: Could influence ownership decisions and financing strategies for single-family rental properties, depending on how many and which owners fall under the exclusions.
  • Market Effects: Potentially affects rental property economics, including maintenance, investment returns, and the availability of single-family rentals, though the magnitude would depend on the scope of the exclusions in the final text.

Procedural and Timeline Aspects

  • Introduction: January 22, 2025.
  • Action: Referred to the Ways and Means committee on January 22, 2025 (listed twice in the provided actions; typically represents formal referral to the committee for consideration and fiscal review).
  • Next Steps: As a Ways and Means referral, the bill would typically proceed to committee hearings and, if favored, move to floor consideration and potential passage; final enactment would depend on subsequent legislative approval.

Sponsors

  • Linda Rosenthal (primary)

Note: The full details, including the exact exclusion criteria and the precise credit definitions, will be in the bill’s text. This summary reflects the information available from the bill’s title, sponsorship, and stated status.

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

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