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Bill > S06574
NY S06574
NY S06574Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.
summary
Introduced
04/27/2023
04/27/2023
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the private housing finance law, in relation to establishing the New York state first home savings program, which authorizes 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
AI Summary
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 program allows for a personal income tax deduction for deposits into these accounts, up to $5,000 for individuals or $10,000 for married couples filing jointly, subject to certain income limitations. Withdrawals from the accounts for qualified first home purchases are also excluded from state personal income taxation, provided certain requirements are met.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (17)
Jeremy Cooney (D)*,
Joe Addabbo (D),
Iwen Chu (D),
Leroy Comrie (D),
Patrick Gallivan (R),
Pete Harckham (D),
Michelle Hinchey (D),
Robert Jackson (D),
Dean Murray (R),
Zellnor Myrie (D),
Tony Palumbo (R),
Steve Rhoads (R),
Rob Rolison (R),
Kevin Thomas (D),
Mark Walczyk (R),
Lea Webb (D),
Bill Weber (R),
Last Action
REPORTED AND COMMITTED TO FINANCE (on 01/09/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Housing and Community Development for Low and Middle Income Persons
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S6574 | 04/27/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S06574&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S06574 | 04/27/2023 |
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