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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

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2009-S7154 (ACTIVE) - Details

See Assembly Version of this Bill:
A10270
Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง457, 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

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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