STATE OF NEW YORK
________________________________________________________________________
S. 3176 A. 5028
2011-2012 Regular Sessions
SENATE - ASSEMBLY
February 10, 2011
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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:
1 Section 1. Subdivision 5 of section 457 of the real property tax law,
2 as amended by chapter 657 of the laws of 2005, is amended to read as
3 follows:
4 5. No exemption shall be allowed pursuant to this section for any
5 newly constructed primary residential property purchased by a first-time
6 homebuyer on or after December thirty-first, two thousand [ten] sixteen,
7 unless such purchase is pursuant to a binding written contract entered
8 into prior to December thirty-first, two thousand [ten] sixteen.
9 Provided, however, that any first-time homebuyer who is allowed an
10 exemption pursuant to this section prior to such date shall continue to
11 be allowed further exemptions pursuant to subdivision one of this
12 section.
13 § 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
