Bill > S09201

This bill establishes the New York State First Home Savings Program, which authorizes first-time home buyers to establish savings accounts to purchase a home. The key provisions include: - Creating a new program that allows first-time home buyers to establish savings accounts, known as "First Home Savings Accounts," to save for the purchase of a first home in New York State. - Providing a personal income tax deduction for contributions made to these accounts, up to $5,000 for individuals or $10,000 for married couples filing jointly. - Allowing for tax-free withdrawals from these accounts for qualified first-time home purchase expenses. - Establishing rules and regulations for the program, including requirements for financial organizations to serve as account depositories and managers. - Granting the State Comptroller the authority to implement and administer the program. The bill aims to incentivize and assist first-time home buyers in New York to save for the purchase of their first home.