Bill > A06933

This bill establishes the New York State First Home Savings Program, which authorizes first-time home buyers to establish savings accounts to purchase their first 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 income limits. The bill outlines the requirements and limitations of the first home savings accounts, including permitted withdrawals, penalties for non-qualified withdrawals, and reporting and disclosure requirements.