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History
- Reported and committed to rules
- Reported and committed to finance
- Referred to local government
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 Robert Sweeney
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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
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
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 stimulus. 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 entities 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
New bill.
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.