Exempts primary residential property purchased by first-time homebuyers meeting certain income and purchase price requirements from the tax on real estate transfers in the town of Southold, county of Suffolk.
STATE OF NEW YORK
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S. 6965 A. 9316
SENATE - ASSEMBLY
April 9, 2014
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
IN ASSEMBLY -- Introduced by M. of A. PALUMBO, THIELE -- read once and
referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to exempting primary residen-
tial property purchased by first-time homebuyers meeting certain
income and purchase price requirements from the tax on real estate
transfers in the town of Southold, county of Suffolk
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 4 of section 1449-ee of the tax law, as added
2 by chapter 349 of the laws of 2008, is amended to read as follows:
3 4. Primary residential property purchased by one or more persons, each
4 of whom is a first-time homebuyer shall be exempt from the payment of
5 the real estate transfer tax, in the towns of Southampton, East Hampton
6 [and], Shelter Island and Southold, provided that:
7 (a)(1) in the towns of Southampton, East Hampton and Shelter Island,
8 the primary residential property is within one hundred twenty percent of
9 the purchase price limits defined by the state of New York mortgage
10 agency low interest rate mortgage program in the non-target one family
11 categories for Suffolk county in effect on the contract date for the
12 sale of such property;
13 (2) in the town of Southold, the primary residential property is with-
14 in sixty percent of the purchase price limits defined by the state of
15 New York mortgage agency low interest rate mortgage program in the non-
16 target one family categories for Suffolk county in effect on the
17 contract date for the sale of such property; and
18 (b) the buyer's household income does not exceed the income limits
19 defined by the state of New York mortgage agency low interest rate mort-
20 gage program in the non-target, one and two person household category
21 for Suffolk county in effect on the contract date for the sale of such
22 property.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14177-01-4
S. 6965 2 A. 9316
1 § 2. This act shall take effect immediately, provided, that the amend-
2 ments to section 1449-ee of the tax law made by section one of this act
3 shall not affect the repeal of such section and shall be deemed repealed
4 therewith.
