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Senate Bill S7316

Signed By Governor

2017-2018 Legislative Session

Relates to repealing certain provisions related to the New York state first home saving program and to study the impacts of a first home savings program

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Archive: Last Bill Status - Signed by Governor

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2017-S7316 (ACTIVE) - Details

See Assembly Version of this Bill:
A9039
Law Section:
Private Housing Finance Law
Laws Affected:
Rpld Art 28, Priv Hous Fin L; rpld §612 sub§ (b) ¶42, sub§ (c) ¶¶42 & 43, Tax L

2017-S7316 (ACTIVE) - Summary

Repeals certain provisions related to the New York state first home savings program added by chapter 472 of the laws of 2017 and studies the impacts of a first home savings program.

2017-S7316 (ACTIVE) - Sponsor Memo

2017-S7316 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7316
 
                             I N  S E N A T E
 
                              January 5, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to repeal certain provisions of the private housing  finance  law
   and  the  tax  law  relating  to the New York state first home savings
   program; and to study the impacts of a first home savings program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Article 28 of the private housing finance law, as added by
 chapter 472 of the laws of 2017, is REPEALED.
   § 2. Paragraph 42 of subsection  (b)  and  paragraphs  42  and  43  of
 subsection (c) of section 612 of the tax law, as added by chapter 472 of
 the laws of 2017, are REPEALED.
   §  3.  The  Division of Housing and Community Renewal, in consultation
 with the New York State Department of Taxation and Finance and the State
 of New York Mortgage  Authority,  shall  study  opportunities  for,  and
 implications of, a tax-advantaged first home savings program. Such study
 shall include, but not be limited to, the feasibility and sustainability
 of such a program including the merits of income limitations; challenges
 faced  by  first  time homebuyers; homeownership rates in New York State
 versus the rest of the country; type of tax-advantaged first time  home-
 buyer  programs utilized by other states; detailed fiscal impact includ-
 ing methodology related to expected household formation  and  impact  on
 housing; fiscal gains to the state due to tax revenues; and any economic
 impact  due  to  home  purchasing and home construction. The Division of
 Housing and Community Renewal is authorized to work with stakeholders as
 well as conduct any  hearings  it  deems  necessary  to  accomplish  the
 purposes of this act.
   §  4.  The  Division  of  Housing  and Community Renewal shall issue a
 report with detailed recommendations and findings to the  governor,  the
 temporary  president  of the senate and the speaker of the assembly, and
 the chair of the assembly committee on housing and the senate  committee
 on  housing,  construction and community development; and post a copy of
 such report on its website on or before June 30, 2018.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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