senate Bill S7903A

2015-2016 Legislative Session

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 14, 2016 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1709
Jun 08, 2016 print number 7903a
Jun 08, 2016 amend and recommit to rules
reported and committed to rules
Jun 02, 2016 reported and committed to finance
May 23, 2016 referred to housing, construction and community development

Votes

view votes

Jun 14, 2016 - Rules committee Vote

S7903A
24
0
committee
24
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Jun 8, 2016 - Finance committee Vote

S7903
34
0
committee
34
Aye
0
Nay
1
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show committee vote details

Jun 2, 2016 - Housing, Construction and Community Development committee Vote

S7903
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jun 2, 2016

aye wr (1)

Co-Sponsors

view additional co-sponsors

S7903 - Details

See Assembly Version of this Bill:
A4427
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: S4058, A5616
2019-2020: S6047

S7903 - Summary

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.

S7903 - Sponsor Memo

S7903 - Bill Text download pdf

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

                                  7903

                            I N  S E N A T E

                              May 23, 2016
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to amend the private housing finance law, in relation to estab-
  lishing the New York state first home savings program,  which  author-
  izes  first time home buyers to establish savings accounts to purchase
  a home; and to amend the  tax  law,  in  relation  to  establishing  a
  personal income tax deduction for deposits into such accounts

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

  Section 1. The private housing finance law is amended by adding a  new
article 28 to read as follows:
                             ARTICLE XXVIII
                        NEW YORK STATE FIRST HOME
                             SAVINGS PROGRAM
SECTION 1250. PROGRAM ESTABLISHED.
        1251. PURPOSES.
        1252. DEFINITIONS.
        1253. FUNCTIONS OF THE COMPTROLLER.
        1254. POWERS OF THE COMPTROLLER.
        1255. PROGRAM REQUIREMENTS; FIRST HOME SAVINGS ACCOUNT.
        1256. PROGRAM LIMITATIONS; FIRST HOME SAVINGS ACCOUNT.
  S  1250. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED A FIRST HOME
SAVINGS PROGRAM AND SUCH PROGRAM SHALL BE KNOWN AND MAY BE CITED AS  THE
"NEW YORK STATE FIRST HOME SAVINGS PROGRAM".
  S  1251.  PURPOSES.  THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE
THE ESTABLISHMENT OF FAMILY SAVINGS ACCOUNTS AND TO  PROVIDE  GUIDELINES
FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:
  1.  ENABLE  RESIDENTS  OF THIS STATE TO BENEFIT FROM THE TAX INCENTIVE
PROVIDED  FOR  QUALIFIED  STATE  FIRST  HOME  SAVINGS   ACCOUNTS   UNDER
SUBSECTION (W) OF SECTION SIX HUNDRED TWELVE OF THE TAX LAW; AND
  2.  INCENTIVIZE  RESIDENTS  TO  SAVE  FOR THE PURCHASE OF A FIRST HOME
WITHIN THE STATE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15562-02-6

Co-Sponsors

view additional co-sponsors

S7903A (ACTIVE) - Details

See Assembly Version of this Bill:
A4427
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: S4058, A5616
2019-2020: S6047

S7903A (ACTIVE) - Summary

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.

S7903A (ACTIVE) - Sponsor Memo

S7903A (ACTIVE) - Bill Text download pdf

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

                                 7903--A

                            I N  S E N A T E

                              May 23, 2016
                               ___________

Introduced  by  Sens. LITTLE, AVELLA, FUNKE, GALLIVAN, KAMINSKY, MURPHY,
  RANZENHOFER, RITCHIE, VALESKY -- read twice and ordered  printed,  and
  when printed to be committed to the Committee on Housing, Construction
  and  Community  Development  -- reported favorably from said committee
  and committed to the Committee on Finance -- reported  favorably  from
  said  committee  and  committed to the Committee on Rules -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the private housing finance law, in relation  to  estab-
  lishing  the  New York state first home savings program, which author-
  izes first time home buyers to establish savings accounts to  purchase
  a  home;  and  to  amend  the  tax  law, in relation to establishing a
  personal income tax deduction for deposits into such accounts

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

  Section  1. The private housing finance law is amended by adding a new
article 28 to read as follows:
                             ARTICLE XXVIII
                        NEW YORK STATE FIRST HOME
                             SAVINGS PROGRAM
SECTION 1250. PROGRAM ESTABLISHED.
        1251. PURPOSES.
        1252. DEFINITIONS.
        1253. FUNCTIONS OF THE COMPTROLLER.
        1254. POWERS OF THE COMPTROLLER.
        1255. PROGRAM REQUIREMENTS; FIRST HOME SAVINGS ACCOUNT.
        1256. PROGRAM LIMITATIONS; FIRST HOME SAVINGS ACCOUNT.
  S 1250. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED A FIRST  HOME
SAVINGS  PROGRAM AND SUCH PROGRAM SHALL BE KNOWN AND MAY BE CITED AS THE
"NEW YORK STATE FIRST HOME SAVINGS PROGRAM".
  S 1251. PURPOSES. THE PURPOSES OF THE PROGRAM SHALL  BE  TO  AUTHORIZE
THE  ESTABLISHMENT  OF FAMILY SAVINGS ACCOUNTS AND TO PROVIDE GUIDELINES
FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15562-03-6

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