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S07316 Summary:

S07316 Actions:

S07316 Committee Votes:

S07316 Floor Votes:

S07316 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7316
 
                    IN SENATE
 
                                     January 5, 2018
                                       ___________
 
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to repeal certain provisions of the private housing  finance  law
          and  the  tax  law  relating  to the New York state first home savings
          program; and to study the impacts of a first home savings program

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Article 28 of the private housing finance law, as added by
     2  chapter 472 of the laws of 2017, is REPEALED.
     3    § 2. Paragraph 42 of subsection  (b)  and  paragraphs  42  and  43  of
     4  subsection (c) of section 612 of the tax law, as added by chapter 472 of
     5  the laws of 2017, are REPEALED.
     6    §  3.  The  Division of Housing and Community Renewal, in consultation
     7  with the New York State Department of Taxation and Finance and the State
     8  of New York Mortgage  Authority,  shall  study  opportunities  for,  and
     9  implications of, a tax-advantaged first home savings program. Such study
    10  shall include, but not be limited to, the feasibility and sustainability
    11  of such a program including the merits of income limitations; challenges
    12  faced  by  first  time homebuyers; homeownership rates in New York State
    13  versus the rest of the country; type of tax-advantaged first time  home-
    14  buyer  programs utilized by other states; detailed fiscal impact includ-
    15  ing methodology related to expected household formation  and  impact  on
    16  housing; fiscal gains to the state due to tax revenues; and any economic
    17  impact  due  to  home  purchasing and home construction. The Division of
    18  Housing and Community Renewal is authorized to work with stakeholders as
    19  well as conduct any  hearings  it  deems  necessary  to  accomplish  the
    20  purposes of this act.
    21    §  4.  The  Division  of  Housing  and Community Renewal shall issue a
    22  report with detailed recommendations and findings to the  governor,  the
    23  temporary  president  of the senate and the speaker of the assembly, and
    24  the chair of the assembly committee on housing and the senate  committee
    25  on  housing,  construction and community development; and post a copy of
    26  such report on its website on or before June 30, 2018.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00765-12-8
        S. 7316                             2
 
     1    § 5. This act shall take effect immediately; provided,  however,  that
     2  sections  one and two of this act shall take effect on the same date and
     3  in the same manner as chapter 472 of the laws of 2017 takes effect.