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Assembly Bill A10270

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

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2009-A10270 (ACTIVE) - Details

See Senate Version of this Bill:
S7154
Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง457, RPT L
Versions Introduced in 2011-2012 Legislative Session:
A5028, S3176

2009-A10270 (ACTIVE) - Summary

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

2009-A10270 (ACTIVE) - Sponsor Memo

2009-A10270 (ACTIVE) - Bill Text download pdf 

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

                                  10270

                          I N  A S S E M B L Y

                             March 16, 2010
                               ___________

Introduced  by  M.  of A. SWEENEY, ALESSI, CHRISTENSEN, GUNTHER, FIELDS,
  CAHILL, WRIGHT, COLTON,  PHEFFER,  JAFFEE,  KOON,  LAVINE,  SKARTADOS,
  GIBSON,  HIKIND,  BOYLAND, BENEDETTO, SCHROEDER, MAISEL, SPANO, RAMOS,
  CARROZZA -- Multi-Sponsored by -- M. of A.  ABBATE, DelMONTE, DenDEKK-
  ER, GOTTFRIED, HEASTIE, JEFFRIES,  LUPARDO,  MAGEE,  MARKEY,  MILLMAN,
  THIELE,  TITONE, WEISENBERG -- read once and referred to the Committee
  on Real Property Taxation

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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