East Fishkill, NY - (7/27/17) - Assemblyman Kieran Michael Lalor (R,C,I - East Fishkill) is calling on Governor Cuomo to sign the New York State First Time Home Savings bill. Lalor is also calling on Assembly Speaker Heastie to send the bill to Cuomo's desk immediately. The bill passed both legislative houses on June 19, but has not yet been presented to Governor Cuomo. Lalor's letter to Cuomo is available here.
"Home ownership drives the economy," said Lalor. "But there were nearly 1 million less homeowners in the United States in 2016 than there were in 2006. This legislation will promote home ownership and drive economic growth in New York."
The bill, A.5616/S/4058, would create a state income tax deduction on deposits into and interest on special savings accounts dedicated specifically to home ownership for first-time home buyers. It is based on the successful and popular 529 college savings program.
Lalor continued, "This legislation encourages and rewards thrift. It will promote the independence of homeownership that is such a vital part of the American Dream. Speaker Heastie should forward the bill to Governor Cuomo as soon as possible for the governor's immediate signature."