|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 17, 2016||recommit, enacting clause stricken|
|Jan 25, 2016||referred to investigations and government operations|
senate Bill S6548
Archive: Last Bill Status - Stricken
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6548 (ACTIVE) - Details
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
BILL NUMBER: S6548 TITLE OF BILL : 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 withdrawals from such an account PURPOSE : To provide for future homebuyers a special savings account and deduction similar to an individual retirement account that may be used for the purchase of a first home. JUSTIFICATION : Home ownership, has long been recognized as a part of the "Great American Dream". However, real estate values in New York State make the purchase of a first home extremely difficult for young people and others who have yet to buy a first home. The first-time homebuyers' account will allow persons who have not had an ownership interest in a principal residence to establish an account for the purchase of a home, using a deduction from personal income of up to five thousand dollars for individuals and ten thousand dollars for married couples. The lack of affordable housing is causing an exodus of young people who are moving from New York to states with lower housing market values. In addition to an easing of the exodus, this legislation will
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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