Bill Text: NY S08890 | 2021-2022 | General Assembly | Introduced
Bill Title: Extends the date allowable for exemptions for first-time homebuyers of newly constructed homes to December 31, 2028.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-05-23 - SUBSTITUTED BY A9135 [S08890 Detail]
Download: New_York-2021-S08890-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8890 IN SENATE April 27, 2022 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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
