Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to on or after December 31, 2015.
Ayes (7): Stewart-Cousins, Oppenheimer, Valesky, Thompson, Johnson C, Little, Bonacic
Excused (1): Morahan
Ayes (32): Kruger, Stachowski, Oppenheimer, Montgomery, Duane, Parker, Stavisky, Dilan, Stewart-Cousins, Thompson, Breslin, Diaz, Espada, Klein, Perkins, Valesky, Peralta, DeFrancisco, Johnson O, Volker, Padavan, LaValle, Seward, Saland, Farley, Hannon, Larkin, Nozzolio, Leibell, Maziarz, Marcellino, Robach
Ayes W/R (1): Krueger
BILL NUMBER: S7154
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.
STATE OF NEW YORK ________________________________________________________________________ 7154 IN SENATE March 17, 2010 ___________Introduced by Sens. LAVALLE, STEWART-COUSINS -- 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 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]FIFTEEN, unless such purchase is pursuant to a binding written contract entered into prior to December thirty-first, two thousand [ten]FIFTEEN. 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. LBD16305-01-0