Senate Bill S8890

Signed By Governor
2021-2022 Legislative Session

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9135 - 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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2021-S8890 (ACTIVE) - Details

See Assembly Version of this Bill:
A9135
Law Section:
Real Property Tax Law
Laws Affected:
Amd §457, RPT L

2021-S8890 (ACTIVE) - Summary

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to December 31, 2028.

2021-S8890 (ACTIVE) - Sponsor Memo

2021-S8890 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8890
 
                             I N  S E N A T E
 
                              April 27, 2022
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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

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