Senate Bill S6965

Signed By Governor
2013-2014 Legislative Session

Exempts primary residential property purchased by first-time homebuyers meeting certain income and purchase price requirements from the tax on real estate transfers in the town of Southold, county of Suffolk

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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2013-S6965 (ACTIVE) - Details

See Assembly Version of this Bill:
A9316
Law Section:
Tax Law
Laws Affected:
Amd §1449-ee, Tax L

2013-S6965 (ACTIVE) - Summary

Exempts primary residential property purchased by first-time homebuyers meeting certain income and purchase price requirements from the tax on real estate transfers in the town of Southold, county of Suffolk.

2013-S6965 (ACTIVE) - Sponsor Memo

2013-S6965 (ACTIVE) - Bill Text download pdf

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

    S. 6965                                                  A. 9316

                      S E N A T E - A S S E M B L Y

                              April 9, 2014
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations

IN ASSEMBLY -- Introduced by M. of A. PALUMBO, THIELE -- read  once  and
  referred to the Committee on Ways and Means

AN  ACT  to amend the tax law, in relation to exempting primary residen-
  tial property  purchased  by  first-time  homebuyers  meeting  certain
  income  and  purchase  price  requirements from the tax on real estate
  transfers in the town of Southold, county of Suffolk

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

  Section  1.  Subdivision 4 of section 1449-ee of the tax law, as added
by chapter 349 of the laws of 2008, is amended to read as follows:
  4. Primary residential property purchased by one or more persons, each
of whom is a first-time homebuyer shall be exempt from  the  payment  of
the  real estate transfer tax, in the towns of Southampton, East Hampton
[and], Shelter Island AND SOUTHOLD, provided that:
  (a)(1) IN THE TOWNS OF SOUTHAMPTON, EAST HAMPTON AND  SHELTER  ISLAND,
the primary residential property is within one hundred twenty percent of
the  purchase  price  limits  defined  by the state of New York mortgage
agency low interest rate mortgage program in the non-target  one  family
categories  for  Suffolk  county  in effect on THE contract date for the
sale of such property;
  (2) IN THE TOWN OF SOUTHOLD, THE PRIMARY RESIDENTIAL PROPERTY IS WITH-
IN SIXTY PERCENT OF THE PURCHASE PRICE LIMITS DEFINED BY  THE  STATE  OF
NEW  YORK MORTGAGE AGENCY LOW INTEREST RATE MORTGAGE PROGRAM IN THE NON-
TARGET ONE FAMILY  CATEGORIES  FOR  SUFFOLK  COUNTY  IN  EFFECT  ON  THE
CONTRACT DATE FOR THE SALE OF SUCH PROPERTY; and
  (b)  the  buyer's  household  income does not exceed the income limits
defined by the state of New York mortgage agency low interest rate mort-
gage program in the non-target, one and two  person  household  category
for  Suffolk  county in effect on the contract date for the sale of such
property.

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

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