S T A T E O F N E W Y O R K
I N S E N A T E
March 17, 2010
Introduced by Sens. LAVALLE, STEWART-COUSINS -- read twice and ordered
printed, and when printed to be committed to the Committee on Local
AN ACT to amend the real property tax law, in relation to extending the
date allowable for exemptions for first-time homebuyers of newly
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 5 of section 457 of the real property tax law,
as amended by chapter 657 of the laws of 2005, is amended to read as
5. No exemption shall be allowed pursuant to this section for any
newly constructed primary residential property purchased by a first-time
homebuyer on or after December thirty-first, two thousand [ten] FIFTEEN,
unless such purchase is pursuant to a binding written contract entered
into prior to December thirty-first, two thousand [ten] FIFTEEN.
Provided, however, that any first-time homebuyer who is allowed an
exemption pursuant to this section prior to such date shall continue to
be allowed further exemptions pursuant to subdivision one of this
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.