Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Feb 02, 2009 |
referred to investigations and government operations |
Senate Bill S1463
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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
Actions
co-Sponsors
(D) 15th Senate District
2009-S1463 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8636
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง612, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S735
2013-2014: S3581
2009-S1463 (ACTIVE) - Summary
Provides for the establishment of a home purchase account; enables first time house, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, condominium or unit in a cooperative housing corporation or the construction of a house, condominium or unit in a cooperative housing corporation; inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.
2009-S1463 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1463 TITLE OF BILL : An act to amend the tax law, in relation to establishing a first time home buyer income tax deduction for monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation purchase account and providing for penalties for unauthorized withdrawals from such an account PURPOSE : To provide for future homebuyers a special savings account and deduction similar to an individual retirement account that may be used for the purchase of a first home. JUSTIFICATION : Home ownership has long been recognized as a part of the "Great American Dream". However, real estate values in New York State make the purchase of a first home extremely difficult for young people and others who have yet to buy a first home. The first-time homebuyers' account will allow persons who have not had an ownership interest in a principal residence to establish an account for the purchase of a home, using a deduction from personal income of up to five thousands dollars for individuals and ten thousand dollars for married couples.
2009-S1463 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1463 2009-2010 Regular Sessions I N S E N A T E February 2, 2009 ___________ Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a first time home buyer income tax deduction for monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation purchase account and providing for penalties for unauthorized with- drawals from such an account THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 17 to read as follows: (17) THE AMOUNT THAT MAY BE SUBTRACTED FROM FEDERAL ADJUSTED GROSS INCOME PURSUANT TO SUBSECTION (W) OF THIS SECTION. S 2. Section 612 of the tax law is amended by adding a new subsection (w) to read as follows: (W) DEDUCTIONS FOR MONIES DEPOSITED INTO A HOUSE, TOWNHOUSE, CONDOMIN- IUM, OR UNIT IN A COOPERATIVE CORPORATION PURCHASE ACCOUNT. (1) AN INDIVIDUAL AS A FIRST TIME HOME BUYER SHALL BE ENTITLED TO DEDUCT ANNU- ALLY FROM HIS OR HER FEDERAL ADJUSTED GROSS INCOME THAT AMOUNT, NOT TO EXCEED FIVE THOUSAND DOLLARS, DEPOSITED INTO A HOUSE PURCHASE ACCOUNT. AN INDIVIDUAL AND HIS OR HER SPOUSE SHALL JOINTLY BE ENTITLED TO A MAXI- MUM DEDUCTION OF TEN THOUSAND DOLLARS. THIS AMOUNT MAY BE DIVIDED IN ANY MANNER AS THE PARTIES DESIRE FOR INCOME TAX PURPOSES. (2) (I) FOR THE PURPOSES OF THIS SUBSECTION, A "FIRST TIME HOME BUYER" SHALL MEAN AN INDIVIDUAL OR AN INDIVIDUAL AND HIS OR HER SPOUSE, NONE OF WHOM HAS OR HAD AN OWNERSHIP INTEREST IN A PRINCIPAL RESIDENCE AT ANY TIME. NO SUCH PERSONS SHALL OWN ANY OTHER HOME INCLUDING VACATION OR INVESTMENT RESIDENCES, EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION. (II) FOR THE PURPOSES OF THIS SUBSECTION, "OWNERSHIP INTEREST" INCLUDES THE FOLLOWING: A FEE SIMPLE INTEREST, A JOINT TENANCY, A TENAN- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04821-01-9
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