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Who cares
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Sponsors
25 Co-sponsors
- Marc Alessi
- Joan Christensen
- Aileen Gunther
- Ginny Fields
- Kevin Cahill
- Keith L.T. Wright
- William Colton
- Audrey Pheffer
- Ellen C. Jaffee
- David Koon
- Charles Lavine
- Frank Skartados
- Vanessa Gibson
- Dov Hikind
- William Boyland
- Michael Benedetto
- Mark J.F. Schroeder
- Alan Maisel
- Mike Spano
- Philip Ramos
- Ann-Margaret Carrozza
- Vivian Cook
- Janele Hyer-Spencer
- Earlene Hooper
- Michael G. Miller
History
- Referred to rules
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.918
- Reported
- Reported referred to ways and means
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes
In Senate Committee · Rules · Sponsor Kenneth P. LaValle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10270
Title of bill
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
Purpose or general idea of the bill
The purpose of this bill is to authorize municipal entities to continue the first-time homebuyer program. The program provides localities with an option to allow for a partial real property tax exemption for first-time homebuyers of newly constructed homes.
Summary of provisions
The bill amends subdivision 4 of section 457 of the Real Property Tax Law by continuing the authorization for localities to authorize property tax exemptions for first time homebuyers of newly constructed homes until 2015, rather than 2010.
Justification
Home ownership is the most potent form of economic stimu- lus. When someone purchases a home, they generate economic activity in every sector from construction, finishing, furnishing and more. New homeowners purchase appliances, upkeep equipment and tools, plumbing and electrical services, insurance and more.
The purchase of new homes contributes to the community, encouraging the homeowners to take root and participate in public schools and local governments. Encouraging the construction of new homes is critical to attracting businesses, which consider the availability of workforce housing when choosing where to locate.
This legislation would continue a local option to permit municipal enti- ties to adopt a first-time homebuyer program for newly constructed homes. By allowing municipalities to provide a tax incentive for first time homebuyers, New York State sends a message that it is committed to economic recovery.
Counties where municipal entities have adopted first-time homebuyer programs include Albany, Alleghany, Chautauqua, Nassau, Oneida, Orange, Oswego, Rensselaer, and Suffolk.
Legislative history
This is a new bill.
Fiscal implications
None to state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.