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S06965 Summary:

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S06965 Floor Votes:

S06965 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            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.