senate Bill S4058A

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

Current Bill Status Via A5616 - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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
amend and recommit to finance
Jun 08, 2017 print number 4058a
amend and recommit to finance
Mar 15, 2017 reported and committed to finance
Feb 02, 2017 referred to housing, construction and community development

Votes

view votes

Jun 19, 2017 - Rules committee Vote

S4058B
25
0
committee
25
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Mar 15, 2017 - Housing, Construction and Community Development committee Vote

S4058
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 15, 2017

Co-Sponsors

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S4058 - Details

See Assembly Version of this Bill:
A5616A
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L
Versions Introduced in Previous Legislative Sessions:
2015-2016: A4427B, S6548, S7903, S7903A
2013-2014: A6143, S3581
2011-2012: A3833, A7195, S735
2009-2010: A4193, S1463
2017-2018: S4058B

S4058 - 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.

S4058 - Sponsor Memo

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.
  S  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".
  S  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

view additional co-sponsors

S4058A - Details

See Assembly Version of this Bill:
A5616A
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L
Versions Introduced in Previous Legislative Sessions:
2015-2016: A4427B, S6548, S7903, S7903A
2013-2014: A6143, S3581
2011-2012: A3833, A7195, S735
2009-2010: A4193, S1463
2017-2018: S4058B

S4058A - 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.

S4058A - Sponsor Memo

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.
  S  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.
                                                           LBD00765-09-7

Co-Sponsors

view additional co-sponsors

S4058B (ACTIVE) - Details

See Assembly Version of this Bill:
A5616A
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L
Versions Introduced in Previous Legislative Sessions:
2015-2016: A4427B, S6548, S7903, S7903A
2013-2014: A6143, S3581
2011-2012: A3833, A7195, S735
2009-2010: A4193, S1463
2017-2018: S4058B

S4058B (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.

S4058B (ACTIVE) - Sponsor Memo

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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