S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9135
 
                           I N  A S S E M B L Y
 
                             January 31, 2022
                                ___________
 
 Introduced  by  M. of A. ENGLEBRIGHT, GALEF, DICKENS, JEAN-PIERRE, McDO-
   NALD, THIELE, GRIFFIN, STERN, CUSICK, O'DONNELL, DAVILA --  read  once
   and referred to the Committee on Real Property Taxation
 
 AN  ACT to amend the real property tax law, in relation to extending the
   date allowable for  exemptions  for  first-time  homebuyers  of  newly
   constructed homes

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 5 of section 457 of the real property tax  law,
 as  amended  by  chapter  128 of the laws of 2017, is amended to read as
 follows:
   5. No exemption shall be allowed pursuant  to  this  section  for  any
 newly constructed primary residential property purchased by a first-time
 homebuyer  on  or after December thirty-first, two thousand [twenty-two]
 TWENTY-EIGHT, unless such purchase is  pursuant  to  a  binding  written
 contract  entered  into  prior  to  December  thirty-first, two thousand
 [twenty-two] TWENTY-EIGHT. Provided, however, that any first-time  home-
 buyer who is allowed an exemption pursuant to this section prior to such
 date  shall continue to be allowed further exemptions pursuant to subdi-
 vision one of this section.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13517-01-1