Assembly Bill A4427B

2015-2016 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

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

co-Sponsors

2015-A4427 - Details

See Senate Version of this Bill:
S7903
Current Committee:
Assembly Ways And Means
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:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: A5616, S4058
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2015-A4427 - 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.

2015-A4427 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4427

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by M. of A. RAMOS -- read once and referred to the Committee
  on Ways and Means

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 42 to read as follows:
  (42)  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 INDI-
VIDUAL  AS  A FIRST TIME HOME BUYER SHALL BE ENTITLED TO DEDUCT ANNUALLY
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 MAXIMUM
DEDUCTION OF TEN THOUSAND DOLLARS. THIS AMOUNT MAY  BE  DIVIDED  IN  ANY
MANNER AS THE PARTIES DESIRE FOR INCOME TAX PURPOSES.
  (2) (A) 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.
  (B) FOR THE PURPOSES OF THIS SUBSECTION, "OWNERSHIP INTEREST" INCLUDES
THE  FOLLOWING:  A  FEE  SIMPLE  INTEREST, A JOINT TENANCY, A TENANCY IN
COMMON, A TENANCY BY THE ENTIRETY, THE INTEREST OF A TENANT-SHARE HOLDER

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03869-02-5
              

co-Sponsors

multi-Sponsors

2015-A4427A - Details

See Senate Version of this Bill:
S7903
Current Committee:
Assembly Ways And Means
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:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: A5616, S4058
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2015-A4427A - 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.

2015-A4427A - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4427--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by  M. of A. RAMOS, SKOUFIS -- read once and referred to the
  Committee on Ways and Means -- recommitted to the  Committee  on  Ways
  and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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 44 to read as follows:
  (44)  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 INDI-
VIDUAL  AS  A FIRST TIME HOME BUYER SHALL BE ENTITLED TO DEDUCT ANNUALLY
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 MAXIMUM
DEDUCTION OF TEN THOUSAND DOLLARS. THIS AMOUNT MAY  BE  DIVIDED  IN  ANY
MANNER AS THE PARTIES DESIRE FOR INCOME TAX PURPOSES.
  (2) (A) 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03869-04-6
              

co-Sponsors

multi-Sponsors

2015-A4427B (ACTIVE) - Details

See Senate Version of this Bill:
S7903
Current Committee:
Assembly Ways And Means
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:
2009-2010: A4193
2011-2012: A3833
2013-2014: A6143
2017-2018: A5616, S4058
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2015-A4427B (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.

2015-A4427B (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4427--B

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by  M.  of  A.  RAMOS,  SKOUFIS,  SCHIMMINGER, SANTABARBARA,
  MOSLEY, HOOPER, COOK, SKARTADOS, JOYNER,  SEPULVEDA,  CAHILL,  DAVILA,
  OTIS,  BLAKE, JEAN-PIERRE, LUPINACCI -- Multi-Sponsored by -- M. of A.
  ABBATE, BRENNAN,  ENGLEBRIGHT,  McDONALD,  THIELE  --  read  once  and
  referred  to  the  Committee  on  Ways and Means -- recommitted to the
  Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and  recommitted to said committee -- again reported from said commit-
  tee with amendments, ordered reprinted as amended and  recommitted  to
  said committee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03869-06-6

A. 4427--B                          2
              

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