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at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices have skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because home equity line of credit ny panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over 15 percent will see home equity line of credit ny benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for home equity line of credit ny taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in