senate Bill S6699

2013-2014 Legislative Session

Establishes the study and stay program whereby a resident taxpayer, who received their bachelor's degree in this state, can set aside a portion of his or her tax payments for a down payment on a home

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 28, 2014 referred to investigations and government operations

Co-Sponsors

S6699 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Add §608, Tax L; add §85, St Fin L

S6699 - Summary

Establishes the study and stay program whereby a resident taypayer, who received their bachelor's degree in this state, can set aside a portion of his or her tax payments for a down payment on a first home.

S6699 - Sponsor Memo

S6699 - Bill Text download pdf

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

                                  6699

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens. VALESKY, CARLUCCI, KLEIN, SAVINO -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations

AN  ACT  to  amend the tax law and the state finance law, in relation to
  establishing the study and stay program

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

  Section  1. The tax law is amended by adding a new section 608 to read
as follows:
  S 608. STUDY AND STAY PROGRAM. (A) FOR THE PURPOSES OF THIS SECTION:
  (1) "ELIGIBLE TAXPAYER" MEANS A RESIDENT TAXPAYER WHO RECEIVED A BACH-
ELOR'S DEGREE AWARDED BY AN INSTITUTION  OF  HIGHER  EDUCATION  IN  THIS
STATE  AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN, WHO DOES NOT HAVE  NOR
EVER HAD AN OWNERSHIP INTEREST IN THE RESIDENTIAL REAL PROPERTY IN WHICH
HE OR SHE RESIDED. FURTHERMORE, AN ELIGIBLE TAXPAYER SHALL NOT  HAVE  AN
OWNERSHIP  IN  ANY  OTHER  RESIDENTIAL REAL PROPERTY, INCLUDING VACATION
HOMES OR RESIDENTIAL RENTAL PROPERTY.
  (2) "OWNERSHIP INTEREST" MEANS AND INCLUDES A FEE SIMPLE  INTEREST,  A
JOINT  TENANCY,  A  TENANCY  IN  COMMON,  A TENANCY BY THE ENTIRETY, THE
INTEREST OF A TENANT-SHAREHOLDER IN A RESIDENTIAL  COOPERATIVE,  A  LIFE
ESTATE AND A LAND CONTRACT. SUCH TERM SHALL NOT INCLUDE:
  (A) REMAINDER INTERESTS;
  (B) A LEASE WITH OR WITHOUT AN OPTION TO PURCHASE;
  (C) A MERE EXPECTANCY TO INHERIT AN INTEREST IN RESIDENTIAL REAL PROP-
ERTY;
  (D)  THE  INTEREST  THAT  A  PURCHASER  OF  RESIDENTIAL  REAL PROPERTY
ACQUIRES UPON THE EXECUTION OF A PURCHASE CONTRACT; OR
  (E) AN INTEREST IN REAL ESTATE OTHER THAN RESIDENTIAL REAL PROPERTY.
  (B) THERE SHALL BE ESTABLISHED BY THE  DEPARTMENT  A  STUDY  AND  STAY
PROGRAM  WHEREBY  ELIGIBLE  TAXPAYERS MAY DESIGNATE, FOR A PERIOD OF NOT
MORE THAN THE TEN TAX YEARS FOLLOWING SUCH TAXPAYER'S RECEIPT OF HIS  OR
HER BACHELOR'S DEGREE, NOT MORE THAN FIVE THOUSAND DOLLARS OF HIS OR HER
PAYMENT OF THE TAXES IMPOSED PURSUANT TO THIS ARTICLE FOR A TAX YEAR FOR
DEPOSIT  INTO  AN  ACCOUNT DESIGNATED FOR SUCH TAXPAYER WITHIN THE STUDY

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

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