Assembly Bill A6933

2023-2024 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 - In Assembly Committee


  • 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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2023-A6933 (ACTIVE) - Details

See Senate Version of this Bill:
S6574
Current Committee:
Assembly Housing
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:
2015-2016: S7903
2017-2018: S4058
2019-2020: S6047
2021-2022: S9201

2023-A6933 (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.

2023-A6933 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6933
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2023
                                ___________
 
 Introduced  by M. of A. RAMOS -- read once and referred to the Committee
   on Housing
 
 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:
   1. ENABLE RESIDENTS OF THIS STATE TO BENEFIT FROM  THE  TAX  INCENTIVE
 PROVIDED  FOR  QUALIFIED STATE FIRST HOME SAVINGS ACCOUNTS UNDER SECTION
 SIX HUNDRED TWELVE OF THE TAX LAW; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02693-02-3
 A. 6933                             2
              

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