Provides tax credits for upstate reinvestment zones, for qualified purchases of buildings and qualified rehabilitation expenditures of buildings in such zones; sets credit at 20%.
Establishes the "education affordability act" and tax credit; provides credits against income and corporate franchise tax for various qualified education investments including scholarships, education funds and home-based instructional materials.
Establishes a home heating tax credit for qualified taxpayers with an income of $125,000 or less for single filers, or with a combined income of $250,000 or less for joint filers.
Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.