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Bill

S 3305

Relates to the homeowner tax rebate credit

2025 Regular Session Introduced by Patricia Canzoneri-Fitzpatrick and 1 co-sponsor

Would create a New York homeowner tax rebate credit to reduce state taxes for eligible homeowners, with rules and funding to be set.

REFERRED TO BUDGET AND REVENUE
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Bill Summary · S 3305

Summary of S 3305 — Relates to the homeowner tax rebate credit

Overview

S 3305 is a bill introduced in the New York Legislature on January 24, 2025. Its stated focus is the homeowner tax rebate credit. The bill has been referred to the Budget and Revenue committee for consideration. No final action is listed beyond the referral in the provided information.

Key Facts

  • Bill Number: S 3305
  • Title/Focus: Relates to the homeowner tax rebate credit
  • Status: Referred to Budget and Revenue (January 24, 2025)
  • Introduction Date: January 24, 2025
  • Primary Sponsor: Alexis Weik
  • Cosponsor: Patricia Canzoneri-Fitzpatrick
  • Related Bills (prior-session): S 8876, S 3495

What the bill would do (as stated)

  • The available information confirms only the general objective: to address a homeowner tax rebate credit. Specific provisions, eligibility criteria, credit amounts, and mechanics are not included in the excerpt provided.

Sponsorship and Legislative Context

  • Sponsorship indicates support from the primary sponsor with co-sponsorship from another legislator, suggesting bipartisan or cross-aisle interest in homeowner tax relief.
  • Related bills from a prior session (S 8876 and S 3495) imply ongoing consideration of a homeowner tax rebate concept; reviewing those prior texts could provide context for potential intent or design features.

Procedural and Timeline Notes

  • The bill was introduced and immediately sent to the Budget and Revenue committee on January 24, 2025.
  • No additional legislative actions (e.g., committee hearings, amendments, floor votes) are listed in the provided information.
  • If advanced, typical next steps would include committee markup, potential amendments, floor consideration, and passage by one or both houses, followed by conference if there are differences, and gubernatorial action.

Potential Impacts (based on the bill’s subject)

  • Homeowners could potentially receive a state tax rebate or credit, subject to specified eligibility and program rules.
  • Legislative and fiscal impact: the program would affect state tax revenue and budget planning; funding sources and sustainability would be key considerations.
  • Administrative aspects: implementation would likely involve the Department of Revenue or an equivalent tax authority, with rules governing application, calculation, eligibility, and enforcement.
  • Equity and targeting: details would determine which homeowners benefit (e.g., primary residence vs. other properties, income thresholds, property value limits).

What to look for when the full text is released

  • Eligibility criteria (who qualifies, residency, primary residence requirements, income or property value thresholds)
  • Credit amount and structure (flat credit vs. percentage of property tax or assessment; refundable vs. nonrefundable)
  • Calculation methodology (how credit is computed and applied against tax obligations)
  • Duration and sunset provisions (is this a temporary program or permanent; renewal conditions)
  • Funding and fiscal impact (annual cost to state budget, revenue offsets, potential caps)
  • Administration and compliance (filing process, documentation, audit/recall provisions)

If you’d like, I can update this summary with specifics as soon as the bill text becomes available or once additional legislative actions are published.

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

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