Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 18, 2017 |
approval memo.43 signed chap.472 |
Dec 06, 2017 |
delivered to governor |
Jun 19, 2017 |
returned to assembly passed senate 3rd reading cal.1950 substituted for s4058b |
Jun 19, 2017 |
substituted by a5616b ordered to third reading cal.1950 committee discharged and committed to rules |
Jun 14, 2017 |
print number 4058b |
Jun 14, 2017 |
amend and recommit to finance |
Jun 08, 2017 |
print number 4058a |
Jun 08, 2017 |
amend and recommit to finance |
Mar 15, 2017 |
reported and committed to finance |
Feb 02, 2017 |
referred to housing, construction and community development |
Senate Bill S4058B
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A5616 - 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
Actions
Votes
Bill Amendments
co-Sponsors
(D) 15th Senate District
(R, C, IP, RFM) Senate District
(D) Senate District
(D) Senate District
2017-S4058 - Details
- See Assembly Version of this Bill:
- A5616
- 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: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574
2017-S4058 - Sponsor Memo
BILL NUMBER: S4058 TITLE OF BILL : An act to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes 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 PURPOSE : To provide future first time homebuyers a special savings account and deduction similar to the 529 College Savings Program that may be used for the purchase of a first home in New York State. Under this legislation, an individual would be eligible to make a $5,000.00 per year tax deductible deposit into a New York State First Home Savings account, $10,000.00 for couples. In addition, any interest accrued would remain untaxed. The savings account would remain under the sole custody of the New York State Comptroller. SUMMARY OF PROVISIONS : Section 1 adds a new Article 28 to the Private Housing Finance Law to create the New York State First Home Savings Program to incentivize residents to save for the purchase of a first home in the State. A first time home can be the purchase or construction of a house,
2017-S4058 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4058 2017-2018 Regular Sessions I N S E N A T E February 2, 2017 ___________ Introduced by Sens. LITTLE, ADDABBO, AVELLA, CROCI, FUNKE, HAMILTON, HANNON, HELMING, KAMINSKY, LATIMER, PHILLIPS, RANZENHOFER, SEWARD, VALESKY -- 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. § 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
(D) 15th Senate District
(R, C, IP, RFM) Senate District
(D) Senate District
(R, C, IP) Senate District
2017-S4058A - Details
- See Assembly Version of this Bill:
- A5616
- 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: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574
2017-S4058A - Sponsor Memo
BILL NUMBER: S4058A TITLE OF BILL : An act to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes 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 PURPOSE : To provide future first time homebuyers a special savings account and deduction similar to the 529 College Savings Program that may be used for the purchase of a first home in New York State. Under this legislation, an individual would be eligible to make a $5,000.00 per year tax deductible deposit into a New York State First Home Savings account, $10,000.00 for couples. In addition, any interest accrued would remain untaxed. The savings account would remain under the sole custody of the New York State Comptroller. SUMMARY OF PROVISIONS : Section 1 adds a new Article 28 to the Private Housing Finance Law to create the New York State First Home Savings Program to incentivize residents to save for the purchase of a first home in the State. A
2017-S4058A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4058--A 2017-2018 Regular Sessions I N S E N A T E February 2, 2017 ___________ Introduced by Sens. LITTLE, ADDABBO, AKSHAR, AVELLA, BROOKS, COMRIE, CROCI, DeFRANCISCO, DILAN, FUNKE, GALLIVAN, GIANARIS, HAMILTON, HANNON, HELMING, KAMINSKY, KENNEDY, LATIMER, MURPHY, O'MARA, ORTT, PHILLIPS, RANZENHOFER, RITCHIE, ROBACH, SANDERS, SAVINO, SEWARD, VALE- SKY, YOUNG -- 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 -- 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. § 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". EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D) 15th Senate District
(R, C, IP, RFM) Senate District
(D) Senate District
(R, C, IP) Senate District
2017-S4058B (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5616
- 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: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574
2017-S4058B (ACTIVE) - Sponsor Memo
BILL NUMBER: S4058B TITLE OF BILL : An act to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes 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 PURPOSE : To provide future first time homebuyers a special savings account and deduction similar to the 529 College Savings Program that may be used for the purchase of a first home in New York State. Under this legislation, an individual would be eligible to make a $5,000.00 per year tax deductible deposit into a New York State First Home Savings account, $10,000.00 for couples. In addition, any interest accrued would remain untaxed. The savings account would remain under the sole custody of the New York State Comptroller. SUMMARY OF PROVISIONS : Section 1 adds a new Article 28 to the Private Housing Finance Law to create the New York State First Home Savings Program to incentivize residents to save for the purchase of a first home in the State. A first time home can be the purchase or construction of a house,
2017-S4058B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4058--B 2017-2018 Regular Sessions I N S E N A T E February 2, 2017 ___________ Introduced by Sens. LITTLE, ADDABBO, AKSHAR, AVELLA, BONACIC, BROOKS, COMRIE, CROCI, DeFRANCISCO, DILAN, FUNKE, GALLIVAN, GIANARIS, GRIFFO, HAMILTON, HANNON, HELMING, KAMINSKY, KENNEDY, LATIMER, MURPHY, O'MARA, ORTT, PARKER, PHILLIPS, RANZENHOFER, RITCHIE, ROBACH, SANDERS, SAVINO, SEWARD, VALESKY, YOUNG -- 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 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00765-11-7
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