Senate Bill S3530

Signed By Governor
2017-2018 Legislative Session

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes

download bill text pdf

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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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2017-S3530 (ACTIVE) - Details

See Assembly Version of this Bill:
A3031
Law Section:
Real Property Tax Law
Laws Affected:
Amd §457, RPT L

2017-S3530 (ACTIVE) - Summary

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes.

2017-S3530 (ACTIVE) - Sponsor Memo

2017-S3530 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 3530                                                  A. 3031
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             January 24, 2017
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Local Govern-
   ment
 
 IN  ASSEMBLY  --  Introduced  by  M.  of A. ENGLEBRIGHT -- read once and
   referred to the Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to extending  the
   date  allowable  for  exemptions  for  first-time  homebuyers of newly
   constructed homes
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision 5 of section 457 of the real property tax law,
 as amended by chapter 77 of the laws of 2011,  is  amended  to  read  as
 follows:
   5.  No  exemption  shall  be  allowed pursuant to this section for any
 newly constructed primary residential property purchased by a first-time
 homebuyer on or after  December  thirty-first,  two  thousand  [sixteen]
 TWENTY-TWO,  unless  such  purchase  is  pursuant  to  a binding written
 contract entered into  prior  to  December  thirty-first,  two  thousand
 [sixteen]  TWENTY-TWO.  Provided, however, that any first-time homebuyer
 who is allowed an exemption pursuant to this section prior to such  date
 shall  continue to be allowed further exemptions pursuant to subdivision
 one of this section.
   § 2. This act shall take effect immediately and  shall  be  deemed  to
 have been in full force and effect on and after December 31, 2016.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06503-02-7

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