Rpld Art 28, Priv Hous Fin L; rpld §612 sub§ (b) ¶42, sub§ (c) ¶¶42 & 43, Tax L
Repeals certain provisions related to the New York state first home savings program added by chapter 472 of the laws of 2017 and studies the impacts of a first home savings program.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9039
SPONSOR: Ramos TITLE OF BILL: 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
PURPOSE OR GENERAL IDEA OF BILL::
This bill repeals provisions as added by chapter 472 of the laws of 2017
related to the private housing finance law and the tax law. In addition,
the bill calls for a study to discuss the opportunities for, and impli-
cations of, a tax-advantaged first home savings program.
SUMMARY OF SPECIFIC PROVISIONS::
Section 1. Repeals Article 28 of the private housing finance law, as
added by chapter 472 of the laws of 2017.
Section 2. Repeals tax law provisions as added by chapter 472 of the
laws of 2017.
Section 3. Outlines the parameters and details related to the study of a
tax-advantaged first home savings program.
Section 4. Calls for the study to be completed and delivered to relevant
stakeholders as well as posted on the web on or before June 30, 2018.
Section 5. Effective date.
JUSTIFICATION::
To better study and investigate issues related to the implementation of
such a first time home buyers tax initiative.
PRIOR LEGISLATIVE HISTORY::
New Bill
FISCAL IMPLICATIONS::
No cost to the State.
EFFECTIVE DATE::
This act shall take effect immediately; provided, however, that sections
one and two of this act shall take effect on the same date and in the
same manner as chapter 472 of the laws of 2017 takes effect.
STATE OF NEW YORK
________________________________________________________________________
9039
IN ASSEMBLY
January 17, 2018
___________
Introduced by M. of A. RAMOS -- read once and referred to the Committee
on Ways and Means
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.
27 § 5. This act shall take effect immediately; provided, however, that
28 sections one and two of this act shall take effect on the same date and
29 in the same manner as chapter 472 of the laws of 2017 takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD12048-01-7
