NY State Senate Bill 2009-S7154

Senate Bill S7154

2009-2010 Legislative Session

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes

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Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 15, 2010	reported and committed to rules
Jun 03, 2010	reported and committed to finance
Mar 17, 2010	referred to local government

Votes

- Jun 3, 2010 - Local Government Committee Vote
  S7154
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Local Government Committee Vote: Jun 3, 2010
      
      aye (7)
      
      Bonacic
      
      Johnson
      
      Little
      
      Oppenheimer
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      excused (1)
      
      Morahan
  Jun 15, 2010 - Finance Committee Vote
  S7154
  
  32
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: Jun 15, 2010
      
      aye (32)
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Hannon
      
      Johnson
      
      Klein
      
      Kruger
      
      LaValle
      
      Larkin
      
      Leibell
      
      Marcellino
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Perkins
      
      Robach
      
      Saland
      
      Seward
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      aye wr (1)
      
      Krueger

co-Sponsors

2009-S7154 (ACTIVE) - Details

See Assembly Version of this Bill:: A10270
Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §457, RPT L
Versions Introduced in 2011-2012 Legislative Session:: S3176, A5028

2009-S7154 (ACTIVE) - Summary

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to on or after December 31, 2015.

2009-S7154 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7154

 TITLE OF BILL :
An act to amend the real property tax law, in relation to extending
the date allowable for exemptions for first-time homebuyers of newly
constructed homes


 PURPOSE :
To authorize municipal entities to continue the first-time homebuyer
program. The program provides localities with an option to allow for a
partial real property tax exemption for first-time homebuyers of newly
constructed homes.

 SUMMARY OF PROVISIONS :
Amends subdivision 4 of section 457 of the Real Property Tax Law by
continuing the authorization for localities to authorize property tax
exemptions for first time homebuyers of newly constructed homes until
2015, rather than 2010.

 JUSTIFICATION :
Home ownership is the most potent form of economic stimulus. When
someone purchases a home, they generate economic activity in every
sector from construction, finishing, furnishing and more. New
homeowners purchase appliances, upkeep equipment and tools, plumbing
and electrical services, insurance and more.

The purchase of new homes contributes to the community, encouraging
the homeowners to take root and participate in public schools and
local governments. Encouraging the construction of new homes is
critical to attracting businesses, which consider the availability of
workforce housing when choosing where to locate.

This legislation would continue a local option to permit municipal
entities to adopt a first-time homebuyer program for newly constructed
homes. By allowing municipalities to provide a tax incentive for first
time homebuyers, New York State sends a message that it is committed
to economic recovery.

Counties where municipal entities have adopted first-time homebuyer
programs include Albany, Alleghany, Chautauqua, Nassau, Oneida,
Orange, Oswego, Rensselaer and Suffolk.

 LEGISLATIVE HISTORY :
New bill.

 FISCAL IMPLICATIONS :
None to the State.

 EFFECTIVE DATE :
Immediately.

2009-S7154 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7154

                            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
  Government

AN  ACT to amend the real property tax law, in relation to extending the
  date allowable for  exemptions  for  first-time  homebuyers  of  newly
  constructed homes

  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
follows:
  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
section.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16305-01-0

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Senate Bill S7154

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Sponsored By

Kenneth P. LaValle