Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 28, 2014 |
referred to investigations and government operations |
Senate Bill S6699
2013-2014 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- 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
Actions
co-Sponsors
(D) Senate District
(D) Senate District
(D) Senate District
(D, IP) Senate District
2013-S6699 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Add §608, Tax L; add §85, St Fin L
2013-S6699 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6699 TITLE OF BILL: An act to amend the tax law and the state finance law, in relation to establishing the study and stay program PURPOSE: To establish the Study and Stay Program allowing graduates from New York colleges to set aside a portion of their tax payments for a down payment on a home. SUMMARY OF PROVISIONS: Section 1: Amends the tax law by adding a new section 608 establishing the Study and Stay Program. This section defines an "eligible taxpayer" as a resident taxpayer who received a bachelor's degree awarded by a college or university located in New York State after January 1, 2015, who has never had an ownership interest in a residential real property. Defines "ownership interest" as a fee simple interest, joint tenancy, tenancy in common, tenancy by entirety, interest of a tenant-shareholder in a residential cooperative, a life estate, and a land contract. The Study and Stay Program will allow eligible taxpayers to annually deposit no more than $5,000 of his or her State Personal Income Tax liability into an account designated for such taxpayer in the program. Eligible taxpayers will be allowed to do this for a period not to exceed 10 years after receipt of a bachelor's degree. Moneys so
2013-S6699 (ACTIVE) - 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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