Senate Bill S4058A

Signed By Governor
2017-2018 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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Sponsored By

Archive: Last Bill Status Via A5616 - Signed by Governor


  • 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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Votes

Bill Amendments

co-Sponsors

2017-S4058 - Details

See Assembly Version of this Bill:
A5616
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
2015-2016: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-S4058 - 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.

2017-S4058 - Sponsor Memo

2017-S4058 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4058
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2017
                                ___________
 
 Introduced  by  Sens.  LITTLE,  ADDABBO, AVELLA, CROCI, FUNKE, HAMILTON,
   HANNON, HELMING, KAMINSKY,  LATIMER,  PHILLIPS,  RANZENHOFER,  SEWARD,
   VALESKY  --  read  twice  and  ordered printed, and when printed to be
   committed to the Committee  on  Housing,  Construction  and  Community
   Development

 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.
   §  1250. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED A FIRST HOME
 SAVINGS PROGRAM AND SUCH PROGRAM SHALL BE KNOWN AND MAY BE CITED AS  THE
 "NEW YORK STATE FIRST HOME SAVINGS PROGRAM".
   §  1251.  PURPOSES.  THE PURPOSES OF THE PROGRAM SHALL BE TO AUTHORIZE
 THE ESTABLISHMENT OF FIRST HOME SAVINGS ACCOUNTS AND TO  PROVIDE  GUIDE-
 LINES FOR THE MAINTENANCE OF SUCH ACCOUNTS TO:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00765-03-7
              

co-Sponsors

2017-S4058A - Details

See Assembly Version of this Bill:
A5616
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
2015-2016: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-S4058A - 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.

2017-S4058A - Sponsor Memo

2017-S4058A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4058--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2017
                                ___________
 
 Introduced  by  Sens.  LITTLE,  ADDABBO, AKSHAR, AVELLA, BROOKS, COMRIE,
   CROCI,  DeFRANCISCO,  DILAN,  FUNKE,  GALLIVAN,  GIANARIS,   HAMILTON,
   HANNON,  HELMING,  KAMINSKY,  KENNEDY,  LATIMER, MURPHY, O'MARA, ORTT,
   PHILLIPS, RANZENHOFER, RITCHIE, ROBACH, SANDERS, SAVINO, SEWARD, VALE-
   SKY, YOUNG -- read twice and ordered printed, and when printed  to  be
   committed  to  the  Committee  on  Housing, Construction and Community
   Development -- reported favorably from said committee and committed to
   the Committee  on  Finance  --  committee  discharged,  bill  amended,
   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.
   §  1250. PROGRAM ESTABLISHED. THERE IS HEREBY ESTABLISHED A FIRST HOME
 SAVINGS PROGRAM AND SUCH PROGRAM SHALL BE KNOWN AND MAY BE CITED AS  THE
 "NEW YORK STATE FIRST HOME SAVINGS PROGRAM".

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

co-Sponsors

2017-S4058B (ACTIVE) - Details

See Assembly Version of this Bill:
A5616
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
2015-2016: S7903, A4427
2019-2020: S6047
2021-2022: S9201
2023-2024: S6574

2017-S4058B (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.

2017-S4058B (ACTIVE) - Sponsor Memo

2017-S4058B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4058--B
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2017
                                ___________
 
 Introduced  by  Sens.  LITTLE, ADDABBO, AKSHAR, AVELLA, BONACIC, BROOKS,
   COMRIE, CROCI, DeFRANCISCO, DILAN, FUNKE, GALLIVAN, GIANARIS,  GRIFFO,
   HAMILTON, HANNON, HELMING, KAMINSKY, KENNEDY, LATIMER, MURPHY, O'MARA,
   ORTT, PARKER, PHILLIPS, RANZENHOFER, RITCHIE, ROBACH, SANDERS, SAVINO,
   SEWARD,  VALESKY,  YOUNG  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  --  reported favorably from said committee and
   committed to the Committee on Finance --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee --  committee  discharged,  bill  amended,  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.
                                                            LBD00765-11-7
              

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