Senate Bill S3581

2013-2014 Legislative Session

Authorizes an income tax deduction of monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation account

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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

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2013-S3581 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1463
2011-2012: S735

2013-S3581 (ACTIVE) - Summary

Provides for the establishment of a home purchase account; enables first time house, townhouse, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; provides withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, townhouse, condominium or unit in a cooperative housing corporation or the construction of a house, townhouse, condominium or unit in a cooperative housing corporation; provides that inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.

2013-S3581 (ACTIVE) - Sponsor Memo

2013-S3581 (ACTIVE) - Bill Text download pdf

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

                                  3581

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 6, 2013
                               ___________

Introduced  by  Sen.  ROBACH -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to establishing  a  first  time
  home  buyer  income  tax  deduction for monies deposited into a house,
  townhouse, condominium or unit in a  cooperative  housing  corporation
  purchase  account  and  providing for penalties for unauthorized with-
  drawals from such an account

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

  Section 1.  Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 17 to read as follows:
  (17)  THE  AMOUNT  THAT  MAY BE SUBTRACTED FROM FEDERAL ADJUSTED GROSS
INCOME PURSUANT TO SUBSECTION (W) OF THIS SECTION.
  S 2. Section 612 of the tax law is amended by adding a new  subsection
(w) to read as follows:
  (W) DEDUCTIONS FOR MONIES DEPOSITED INTO A HOUSE, TOWNHOUSE, CONDOMIN-
IUM,  OR  UNIT  IN  A COOPERATIVE CORPORATION PURCHASE ACCOUNT.   (1) AN
INDIVIDUAL AS A FIRST TIME HOME BUYER SHALL BE ENTITLED TO DEDUCT  ANNU-
ALLY  FROM  HIS OR HER FEDERAL ADJUSTED GROSS INCOME THAT AMOUNT, NOT TO
EXCEED FIVE THOUSAND DOLLARS, DEPOSITED INTO A HOUSE  PURCHASE  ACCOUNT.
AN INDIVIDUAL AND HIS OR HER SPOUSE SHALL JOINTLY BE ENTITLED TO A MAXI-
MUM DEDUCTION OF TEN THOUSAND DOLLARS. THIS AMOUNT MAY BE DIVIDED IN ANY
MANNER AS THE PARTIES DESIRE FOR INCOME TAX PURPOSES.
  (2) (I) FOR THE PURPOSES OF THIS SUBSECTION, A "FIRST TIME HOME BUYER"
SHALL MEAN AN INDIVIDUAL OR AN INDIVIDUAL AND HIS OR HER SPOUSE, NONE OF
WHOM  HAS  OR  HAD AN OWNERSHIP INTEREST IN A PRINCIPAL RESIDENCE AT ANY
TIME.  NO SUCH PERSONS SHALL OWN ANY OTHER HOME  INCLUDING  VACATION  OR
INVESTMENT RESIDENCES, EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION.
  (II)  FOR  THE  PURPOSES  OF  THIS  SUBSECTION,  "OWNERSHIP  INTEREST"
INCLUDES THE FOLLOWING: A FEE SIMPLE INTEREST, A JOINT TENANCY, A TENAN-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08609-01-3
              

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