Senate Bill S5224

2023-2024 Legislative Session

Creates the New York state home ownership savings plan and creating a property tax exemption related thereto

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-S5224 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add §97-m, St Fin L; add §421-p, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6642
2015-2016: S3978
2017-2018: S3399
2019-2020: S4993
2021-2022: S4950

2023-S5224 (ACTIVE) - Summary

Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.

2023-S5224 (ACTIVE) - Sponsor Memo

2023-S5224 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5224
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 27, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the state finance law and the real property tax law,  in
   relation  to  creating  the New York state home ownership savings plan
   and creating a property tax exemption relating thereto

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York state home ownership savings plan".
   § 2. The state finance law is amended by adding a new section 97-m  to
 read as follows:
   § 97-M. NEW YORK STATE HOME OWNERSHIP SAVINGS PLAN.  1. THE PURPOSE OF
 THE NEW YORK STATE HOME OWNERSHIP SAVINGS PLAN IS TO ATTRACT INDIVIDUALS
 TO  RESIDE  AND  REMAIN IN THE STATE BY AUTHORIZING THE ESTABLISHMENT OF
 HOME OWNERSHIP SAVINGS ACCOUNTS AND PROVIDING GUIDELINES FOR THE MAINTE-
 NANCE OF SUCH ACCOUNTS IN ORDER TO ENABLE  INDIVIDUALS  AND  COUPLES  TO
 RECEIVE A REFUNDABLE TAX CREDIT TO HELP THEM SAVE TOWARD THE PURCHASE OF
 A FIRST HOME IN NEW YORK STATE.
   2. AS USED IN THIS SECTION:
   (A)  "ASSETS  OF THE PLAN" MEANS ALL CONTRIBUTIONS MADE INTO THE PLAN,
 ANY TRANSFERS MADE INTO THE PLAN  UNDER  THIS  SECTION  AND  ALL  INCOME
 EARNED  THEREFROM AND ON ASSETS SUBSTITUTED THEREFOR, WHETHER OR NOT THE
 ASSETS OF THE PLAN ARE IN THE FORM OF QUALIFIED INVESTMENTS.
   (B) "COUPLE" MEANS INDIVIDUALS WHO HAVE COHABITED FOR A PERIOD  OF  AT
 LEAST  FIVE  YEARS IN A CONJUGAL RELATIONSHIP REGARDLESS OF WHETHER THEY
 ARE MARRIED.
   (C) "COMPTROLLER" MEANS THE COMPTROLLER OF THE STATE OF NEW YORK.
   (D) "CONTRIBUTION" MEANS THE AMOUNT OF MONEY PAID BY AN INDIVIDUAL  TO
 A  FINANCIAL  ORGANIZATION  AS  A  PAYMENT INTO A HOME OWNERSHIP SAVINGS
 PLAN.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07562-01-3
 S. 5224                             2
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.