senate Bill S6548

2015-2016 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 - Stricken


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 17, 2016 recommit, enacting clause stricken
Jan 25, 2016 referred to investigations and government operations

S6548 (ACTIVE) - Details

See Assembly Version of this Bill:
A4427
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง612, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: A5616

S6548 (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.

S6548 (ACTIVE) - Sponsor Memo

S6548 (ACTIVE) - Bill Text download pdf

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

                                  6548

                            I N  S E N A T E

                            January 25, 2016
                               ___________

Introduced by Sen. PANEPINTO -- 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 44 to read as follows:
  (44) 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 INDI-
VIDUAL AS A FIRST TIME HOME BUYER SHALL BE ENTITLED TO  DEDUCT  ANNUALLY
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  MAXIMUM
DEDUCTION  OF  TEN  THOUSAND  DOLLARS. THIS AMOUNT MAY BE DIVIDED IN ANY
MANNER AS THE PARTIES DESIRE FOR INCOME TAX PURPOSES.
  (2) (A) 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.
  (B) FOR THE PURPOSES OF THIS SUBSECTION, "OWNERSHIP INTEREST" INCLUDES
THE FOLLOWING: A FEE SIMPLE INTEREST, A  JOINT  TENANCY,  A  TENANCY  IN
COMMON, A TENANCY BY THE ENTIRETY, THE INTEREST OF A TENANT-SHARE HOLDER
IN A COOPERATIVE, A LIFE ESTATE AND A LAND CONTRACT.  INTERESTS WHICH DO
NOT  CONSTITUTE OWNERSHIP INTERESTS INCLUDE THE FOLLOWING: (I) REMAINDER

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

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