Bill Text: NY A09135 | 2021-2022 | General Assembly | Introduced

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Bill Title: Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to December 31, 2028.

Spectrum: Partisan Bill (Democrat 12-0)

Status: (Passed) 2022-08-08 - signed chap.485 [A09135 Detail]

Download: New_York-2021-A09135-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9135

                   IN ASSEMBLY

                                    January 31, 2022
                                       ___________

        Introduced  by  M. of A. ENGLEBRIGHT, GALEF, DICKENS, JEAN-PIERRE, McDO-
          NALD, THIELE, GRIFFIN, STERN, CUSICK, O'DONNELL, DAVILA --  read  once
          and referred to the Committee on Real Property Taxation

        AN  ACT to amend the real property tax law, in relation to extending the
          date allowable for  exemptions  for  first-time  homebuyers  of  newly
          constructed homes

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 5 of section 457 of the real property tax  law,
     2  as  amended  by  chapter  128 of the laws of 2017, is amended to read as
     3  follows:
     4    5. No exemption shall be allowed pursuant  to  this  section  for  any
     5  newly constructed primary residential property purchased by a first-time
     6  homebuyer  on  or after December thirty-first, two thousand [twenty-two]
     7  twenty-eight, unless such purchase is  pursuant  to  a  binding  written
     8  contract  entered  into  prior  to  December  thirty-first, two thousand
     9  [twenty-two] twenty-eight. Provided, however, that any first-time  home-
    10  buyer who is allowed an exemption pursuant to this section prior to such
    11  date  shall continue to be allowed further exemptions pursuant to subdi-
    12  vision one of this section.
    13    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13517-01-1