Senate Bill S3176

Signed By Governor
2011-2012 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 A5028 - 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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2011-S3176 (ACTIVE) - Details

See Assembly Version of this Bill:
A5028
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง457, RPT L
Versions Introduced in 2009-2010 Legislative Session:
S7154, A10270

2011-S3176 (ACTIVE) - Summary

Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to on or after December 31, 2016.

2011-S3176 (ACTIVE) - Sponsor Memo

2011-S3176 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 3176                                                  A. 5028

                       2011-2012 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            February 10, 2011
                               ___________

IN  SENATE  --  Introduced by Sens. LAVALLE, STEWART-COUSINS, FUSCHILLO,
  HANNON, JOHNSON -- read twice and ordered printed, and when printed to
  be committed to the Committee on Local Government

IN ASSEMBLY -- Introduced by M. of A. SWEENEY, GUNTHER, CAHILL,  WRIGHT,
  COLTON,  PHEFFER,  JAFFEE, LAVINE, GIBSON, HIKIND, BOYLAND, BENEDETTO,
  SCHROEDER, MAISEL, SPANO, RAMOS, COOK,  HOOPER,  M. MILLER  --  Multi-
  Sponsored  by -- M. of A. ABBATE, BRENNAN, DenDEKKER, DESTITO, GABRYS-
  ZAK, GOTTFRIED, HEASTIE, JEFFRIES, LUPARDO,  MAGEE,  MARKEY,  McENENY,
  MILLMAN,  RAIA, THIELE, TITUS, WEISENBERG -- 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 657 of the laws of 2005, 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 [ten] SIXTEEN,
unless such purchase is pursuant to a binding written  contract  entered
into  prior  to  December  thirty-first,  two  thousand  [ten]  SIXTEEN.
Provided, however, that any  first-time  homebuyer  who  is  allowed  an
exemption  pursuant to this section prior to such date shall continue to
be allowed further  exemptions  pursuant  to  subdivision  one  of  this
section.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02939-01-1


              

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