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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 07, 2018 signed chap.379
Nov 27, 2018 delivered to governor
May 30, 2018 returned to senate
passed assembly
Apr 25, 2018 ordered to third reading cal.758
substituted for a9039
Jan 08, 2018 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.44
Jan 05, 2018 referred to rules

Co-Sponsors

S7316 - 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

S7316 - 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.

S7316 - Sponsor Memo

S7316 - 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chapter 472 of the laws of 2017, is REPEALED.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the laws of 2017, are REPEALED.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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