senate Bill S6642

2013-2014 Legislative Session

Relates to creating the New York state home ownership savings plan and creating a property tax exemption related thereto

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 21, 2014 referred to finance

S6642 - Details

Current Committee:
Law Section:
State Finance Law
Laws Affected:
Add §97-j, St Fin L; add §421-n, RPT L

S6642 - Summary

Relates to creating the New York state home ownership savings plan and creating a property tax exemption related thereto.

S6642 - Sponsor Memo

S6642 - Bill Text download pdf

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

                                  6642

                            I N  S E N A T E

                            February 21, 2014
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law and the real property tax law,  in
  relation  to  creating  the New York state home ownership savings plan
  and creating a property tax exemption relating thereto

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

  Section  1.  This act shall be known and may be cited as the "New York
state home ownership savings plan".
  S 2. The state finance law is amended by adding a new section 97-j  to
read as follows:
  S  97-J.  1.  THE PURPOSE OF THE NEW YORK STATE HOME OWNERSHIP SAVINGS
PLAN IS TO ATTRACT INDIVIDUALS TO RESIDE AND  REMAIN  IN  THE  STATE  BY
AUTHORIZING  THE  ESTABLISHMENT  OF  HOME OWNERSHIP SAVINGS ACCOUNTS AND
PROVIDING GUIDELINES FOR THE MAINTENANCE OF SUCH ACCOUNTS  IN  ORDER  TO
ENABLE  INDIVIDUALS  AND  COUPLES  TO RECEIVE A REFUNDABLE TAX CREDIT TO
HELP THEM SAVE TOWARD THE PURCHASE OF A FIRST HOME IN NEW YORK STATE.
  2. AS USED IN THIS SECTION:
  (A) "ASSETS OF THE PLAN" MEANS ALL CONTRIBUTIONS MADE INTO  THE  PLAN,
ANY  TRANSFERS  MADE  INTO  THE  PLAN  UNDER THIS SECTION AND ALL INCOME
EARNED THEREFROM AND ON ASSETS SUBSTITUTED THEREFOR, WHETHER OR NOT  THE
ASSETS OF THE PLAN ARE IN THE FORM OF QUALIFIED INVESTMENTS.
  (B)  "COUPLE"  MEANS INDIVIDUALS WHO HAVE COHABITED FOR A PERIOD OF AT
LEAST FIVE YEARS IN A CONJUGAL RELATIONSHIP REGARDLESS OF  WHETHER  THEY
ARE MARRIED.
  (C) "COMPTROLLER" MEANS THE COMPTROLLER OF THE STATE OF NEW YORK.
  (D)  "CONTRIBUTION" MEANS THE AMOUNT OF MONEY PAID BY AN INDIVIDUAL TO
A FINANCIAL ORGANIZATION AS A PAYMENT  INTO  A  HOME  OWNERSHIP  SAVINGS
PLAN.
  (E)  "FINANCIAL ORGANIZATION" MEANS A FINANCIAL INSTITUTION AUTHORIZED
TO DO BUSINESS IN THE STATE OF NEW YORK AND (I) WHICH IS  AN  AUTHORIZED
FIDUCIARY  TO  ACT  AS A TRUSTEE PURSUANT TO THE PROVISIONS OF AN ACT OF
CONGRESS ENTITLED "EMPLOYEE RETIREMENT INCOME SECURITY ACT OF  1974"  AS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13698-02-4

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