|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 23, 2014||signed chap.389|
|Sep 11, 2014||delivered to governor|
|Jun 19, 2014||returned to senate|
home rule request
ordered to third reading rules cal.558
substituted for a9316
|Jun 12, 2014||referred to ways and means|
delivered to assembly
|Jun 02, 2014||advanced to third reading|
|May 29, 2014||2nd report cal.|
|May 28, 2014||1st report cal.975|
|Apr 09, 2014||referred to investigations and government operations|
senate Bill S6965Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S6965 - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1449-ee, Tax L
S6965 - 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.
S6965 - Sponsor Memo
BILL NUMBER:S6965 TITLE OF BILL: An act to amend the tax law, in relation to exempting 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 PURPOSE: To amend subdivision 4 of Section 1449-ee of the tax law to add the town of Southold to those towns within the Peconic Bay region that have a first-time homebuyer's exemption from the Peconic Bay real estate transfer tax. SUMMARY OF PROVISIONS: Section 1. Amends tax law 1449-ee(4) to add the town of Southold to the towns granting a first-time homebuyers exemption from the Peconic Bay Real Estate Tax; Amends subdivision (a)(1) to continue Southampton, East Hampton and Shelter Island as towns where the price limit of the exemption will be 120 percent of the purchase price limit defined by SONYMA; Adds subdivision (a)(2) to add Southold as a town where the maximum price to qualify for the exemption will be 60 percent of the purchase price limit defined by SONYMA.
S6965 - 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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