Senate Bill S6574

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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-S6574 (ACTIVE) - Details

See Assembly Version of this Bill:
A6933
Current Committee:
Senate Finance
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-S6574 (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-S6574 (ACTIVE) - Sponsor Memo

2023-S6574 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6574
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 27, 2023
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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.
   §  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
              

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