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A 7706

Grants tax credit for downpayment made on residential housing

2025 Regular Session Introduced by Dave DiPietro and 3 co-sponsors

Establishes a downpayment tax credit to help homebuyers cover upfront costs, boosting access to residential housing and potentially increasing ownership rates.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 7706

Summary of Assembly Bill A 7706 — Grants tax credit for downpayment made on residential housing

Basic information

  • Bill number: A 7706
  • Title: Grants tax credit for downpayment made on residential housing
  • Status: REFERRED TO WAYS AND MEANS
  • Introduced: April 8, 2025
  • Legislative actions: 2025-04-08 — Referred to Ways and Means (listed twice)
  • Primary sponsor: Michael J. Fitzpatrick
  • Cosponsors: Chris Tague, David DiPietro, Mike Reilly
  • Related bills (prior sessions): A 3193, A 3316, A 2575, A 5819, A 4030, A 3883, A 6124, A 5666, A 4884

Purpose and intent

The bill is proposed to establish a tax credit (referred to as a “downpayment grant/credit”) aimed at assisting buyers with the down payment required to purchase residential housing. The stated objective is to improve homeownership accessibility by reducing the upfront cash hurdle for buyers.

Key provisions (as described by the bill’s title)

  • Establishment of a tax credit related to down payments on residential housing.
  • The exact mechanics (eligibility criteria, credit amount, duration, whether refundable or nonrefundable, income or property-type limits, cap amounts, carryover provisions, and implementation details) are not specified in the information provided.
  • Administrative and funding details (which agency administers the credit, funding source, and any required appropriations) are not included in the summary.

Note: Because the full text of A 7706 is not provided here, the above reflects the bill’s stated purpose. The precise provisions and operational rules would be defined in the enacted bill text and any accompanying fiscal notes.

Who would be affected

  • Primary targets: potential homebuyers eligible for the downpayment credit (likely individuals purchasing a primary residence).
  • Secondary effects: mortgage lenders, real estate professionals, and state tax administration/systems that would process the credit.
  • Potential broader impacts: state housing affordability and homeownership rates, depending on the credit’s generosity and eligibility rules.

Procedural and timeline considerations

  • The bill has been introduced and forwarded to the Ways and Means committee, indicating it will undergo fiscal and budgetary analysis.
  • If advanced, it would proceed through the standard legislative process (committee review, chamber votes, and potential conference on any differences with the Senate version) and, if enacted, would require appropriate administrative rules and funding.

Related policy context

  • The bill has several related bills from prior sessions (A 3193, A 3316, A 2575, A 5819, A 4030, A 3883, A 6124, A 5666, A 4884), suggesting ongoing legislative interest in housing-related downpayment assistance or tax credit mechanisms.

Next steps for readers

  • Monitor status updates on Ways and Means and subsequent floor actions.
  • Review the full bill text when available to understand eligibility, credit amounts, funding, and administration.
  • Consider how this credit would interact with existing downpayment assistance programs and overall housing policy goals.

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

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