Bill Text: NY S06548 | 2015-2016 | General Assembly | Introduced
Bill Title: Provides for the establishment of a home purchase account; enables first time house, townhouse, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; provides withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, townhouse, condominium or unit in a cooperative housing corporation or the construction of a house, townhouse, condominium or unit in a cooperative housing corporation; provides that inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-03-17 - RECOMMIT, ENACTING CLAUSE STRICKEN [S06548 Detail]
Download: New_York-2015-S06548-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6548 IN SENATE January 25, 2016 ___________ Introduced by Sen. PANEPINTO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a first time home buyer income tax deduction for monies deposited into a house, townhouse, condominium or unit in a cooperative housing corporation purchase account and providing for penalties for unauthorized with- drawals from such an account The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 612 of the tax law is amended by 2 adding a new paragraph 44 to read as follows: 3 (44) The amount that may be subtracted from federal adjusted gross 4 income pursuant to subsection (w) of this section. 5 § 2. Section 612 of the tax law is amended by adding a new subsection 6 (w) to read as follows: 7 (w) Deductions for monies deposited into a house, townhouse, condomin- 8 ium or unit in a cooperative corporation purchase account. (1) An indi- 9 vidual as a first time home buyer shall be entitled to deduct annually 10 from his or her federal adjusted gross income that amount, not to exceed 11 five thousand dollars, deposited into a house purchase account. An 12 individual and his or her spouse shall jointly be entitled to a maximum 13 deduction of ten thousand dollars. This amount may be divided in any 14 manner as the parties desire for income tax purposes. 15 (2) (A) For the purposes of this subsection, a "first time home buyer" 16 shall mean an individual or an individual and his or her spouse, none of 17 whom has or had an ownership interest in a principal residence at any 18 time. No such persons shall own any other home including vacation or 19 investment residences, except as otherwise provided in this subsection. 20 (B) For the purposes of this subsection, "ownership interest" includes 21 the following: a fee simple interest, a joint tenancy, a tenancy in 22 common, a tenancy by the entirety, the interest of a tenant-share holder 23 in a cooperative, a life estate and a land contract. Interests which do 24 not constitute ownership interests include the following: (i) remainder EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03869-03-6
