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Assembly Bill A6978

2009-2010 Legislative Session

Provides an exemption for certain first-time homebuyers if purchase is of primary residence and household income less than $100,000.00; no tax increase

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Archive: Last Bill Status - In Assembly Committee

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2009-A6978 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add ยง457-a, RPT L
Versions Introduced in 2011-2012 Legislative Session:
A7693

2009-A6978 (ACTIVE) - Summary

Provides an exemption for certain first-time homebuyers if purchase is of primary residence and household income less than $100,000.00; no tax increase; purchaser must have resided in state at least ten years.

2009-A6978 (ACTIVE) - Bill Text download pdf 

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

                                  6978

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 18, 2009
                               ___________

Introduced by M. of A. SALADINO -- read once and referred to the Commit-
  tee on Real Property Taxation

AN  ACT  to amend the real property tax law, in relation to providing an
  exemption for first-time homebuyer

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  real  property  tax  law  is amended by adding a new
section 457-a to read as follows:
  S 457-A.  EXEMPTION  FOR  FIRST-TIME  HOMEBUYERS.  1.  REAL  PROPERTY,
INTENDED  FOR  USE AS THE BUYER'S PRIMARY RESIDENCE AND PURCHASED BY ONE
OR MORE PERSONS, AT LEAST ONE OF WHOM IS A FIRST-TIME  HOMEBUYER,  SHALL
BE  EXEMPT FROM INCREASE IN TAXATION LEVIED BY OR ON BEHALF OF ANY COUN-
TY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT IN  WHICH  SUCH  PROPERTY  IS
LOCATED.  THE LENGTH OF SUCH EXEMPTION SHALL NOT EXCEED FIVE YEARS.
  2.  IN ORDER TO BE ELIGIBLE FOR THE EXEMPTION DESCRIBED IN SUBDIVISION
ONE OF THIS SECTION, THE FIRST-TIME HOMEBUYER MUST HAVE RESIDED  IN  THE
STATE  FOR  AT LEAST TEN YEARS, AND HAVE A HOUSEHOLD INCOME OF LESS THAN
ONE HUNDRED THOUSAND DOLLARS PER YEAR.
  3. THE STATE  SHALL  REIMBURSE  ANY  TAXING  ENTITY  WHICH  SUFFERS  A
REDUCTION IN REVENUE DUE TO THE PROVISIONS OF THIS SECTION.
  S  2.  This  act shall take effect immediately, and shall apply to all
tax years beginning on and after July 1, 2009.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08351-01-9

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