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

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2014 signed chap.389
Sep 11, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.558
substituted for a9316
Jun 12, 2014 referred to ways and means
delivered to assembly
passed senate
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

Votes

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May 28, 2014 - Investigations and Government Operations committee Vote

S6965
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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Investigations and Government Operations Committee Vote: May 28, 2014

S6965 - Bill Details

See Assembly Version of this Bill:
A9316
Law Section:
Tax Law
Laws Affected:
Amd ยง1449-ee, Tax L

S6965 - Bill Texts

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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.

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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.

Section 2. Sets forth the effective date.

JUSTIFICATION: The five towns of eastern Suffolk County comprise what
is known as the Peconic Bay region. The region has a tax on real
property transfers, the proceeds of which go to the respective towns'
Community Preservation funds. In 2008, at the request of East Hampton,
Southampton and Shelter Island, chapter 349 amended the tax law
allowing an exemption from the tax in those three towns for first-time
homebuyers subject to income and price limitations.

The town of Southold is now requesting to be included in the
first-time homebuyers program at an eligible price limit of 60 percent
of the SONYMA limit which would provide a maximum price of $399.048.
This legislation will assist low and moderate income residents of
Southold to have the opportunity to enjoy home ownership.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: This act shall take effect immediately, provided,
that the amendments to section 1449-ee of the tax law made by section
1 of this act shall not affect the repeal of such section and shall be
deemed repealed therewith.

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                    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.
                                                           LBD14177-01-4

S. 6965                             2                            A. 9316

  S 2. This act shall take effect immediately, provided, that the amend-
ments to section 1449-ee of the tax law made by section one of this  act
shall not affect the repeal of such section and shall be deemed repealed
therewith.

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