Assembly Bill A5616

Signed By Governor
2017-2018 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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Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2017-A5616 - Details

See Senate Version of this Bill:
S4058
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
2015-2016: A4427, S7903
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-A5616 - 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.

2017-A5616 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5616
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RAMOS,  SKOUFIS,  SCHIMMINGER, SANTABARBARA,
   MOSLEY, HOOPER, COOK, SKARTADOS, JOYNER,  SEPULVEDA,  CAHILL,  DAVILA,
   OTIS,  BLAKE,  JEAN-PIERRE  --  Multi-Sponsored by -- M. of A. ABBATE,
   ENGLEBRIGHT, JENNE, McDONALD, THIELE -- read once and referred to  the
   Committee on Ways and Means

 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.
   §  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".
   §  1251.  PURPOSES.  THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE
 THE ESTABLISHMENT OF FIRST HOME SAVINGS ACCOUNTS AND TO  PROVIDE  GUIDE-
 LINES FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00765-03-7
              

co-Sponsors

multi-Sponsors

2017-A5616A - Details

See Senate Version of this Bill:
S4058
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
2015-2016: A4427, S7903
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-A5616A - 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.

2017-A5616A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5616--A
                                                         Cal. No. 525
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RAMOS,  SKOUFIS,  SCHIMMINGER, SANTABARBARA,
   MOSLEY, HOOPER, COOK, SKARTADOS, JOYNER,  SEPULVEDA,  CAHILL,  DAVILA,
   OTIS,  BLAKE, JEAN-PIERRE, ORTIZ, BRAUNSTEIN, CUSICK, MOYA, RODRIGUEZ,
   WEPRIN, COLTON, QUART, LUPARDO, CARROLL, RIVERA, KIM, HARRIS,  KEARNS,
   CRESPO, STECK, VANEL, PERRY, BENEDETTO, FAHY, HYNDMAN, DICKENS, BRABE-
   NEC,  AUBRY,  BARRON, WOERNER, JONES, ZEBROWSKI, LIFTON, WRIGHT, RAIA,
   NIOU, DE LA ROSA,  ROSENTHAL,  D'URSO,  SIMANOWITZ,  GJONAJ,  MORELLE,
   SIMON,   DILAN,  GLICK,  GUNTHER,  PICHARDO,  ARROYO,  JAFFEE,  JOHNS,
   BARRETT, PEOPLES-STOKES, CYMBROWITZ, LOPEZ, LAVINE,  BARNWELL,  MAYER,
   BRONSON -- Multi-Sponsored by -- M. of A. ABBATE, CROUCH, ENGLEBRIGHT,
   HEVESI,  JENNE, LENTOL, MAGEE, McDONALD, NOLAN, THIELE, TITONE -- read
   once and referred to the Committee on Ways and Means -- advanced to  a
   third  reading,  passed  by  Assembly  and  delivered  to  the Senate,
   recalled from the Senate, vote  reconsidered,  bill  amended,  ordered
   reprinted, retaining its place on the order of third reading
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

multi-Sponsors

2017-A5616B (ACTIVE) - Details

See Senate Version of this Bill:
S4058
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
2015-2016: A4427, S7903
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-A5616B (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.

2017-A5616B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5616--B
                                                         Cal. No. 525
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 10, 2017
                                ___________
 
 Introduced  by  M.  of  A.  RAMOS,  SKOUFIS,  SCHIMMINGER, SANTABARBARA,
   MOSLEY, HOOPER, COOK, SKARTADOS, JOYNER,  SEPULVEDA,  CAHILL,  DAVILA,
   OTIS,  BLAKE, JEAN-PIERRE, ORTIZ, BRAUNSTEIN, CUSICK, MOYA, RODRIGUEZ,
   WEPRIN, COLTON, QUART, LUPARDO, CARROLL, RIVERA, KIM, HARRIS,  KEARNS,
   CRESPO, STECK, VANEL, PERRY, BENEDETTO, FAHY, HYNDMAN, DICKENS, BRABE-
   NEC,  AUBRY,  BARRON, WOERNER, JONES, ZEBROWSKI, LIFTON, WRIGHT, RAIA,
   NIOU, DE LA ROSA,  ROSENTHAL,  D'URSO,  SIMANOWITZ,  GJONAJ,  MORELLE,
   SIMON,   DILAN,  GLICK,  GUNTHER,  PICHARDO,  ARROYO,  JAFFEE,  JOHNS,
   BARRETT, PEOPLES-STOKES, CYMBROWITZ, LOPEZ, LAVINE,  BARNWELL,  MAYER,
   BRONSON -- Multi-Sponsored by -- M. of A. ABBATE, CROUCH, ENGLEBRIGHT,
   HEVESI,  JENNE, LENTOL, MAGEE, McDONALD, NOLAN, THIELE, TITONE -- read
   once and referred to the Committee on Ways and Means -- advanced to  a
   third  reading,  passed  by  Assembly  and  delivered  to  the Senate,
   recalled from the Senate, vote  reconsidered,  bill  amended,  ordered
   reprinted,  retaining its place on the order of third reading -- again
   amended on third reading, ordered reprinted, retaining  its  place  on
   the order of third reading
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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