Bill Text: NY A09316 | 2013-2014 | General Assembly | Introduced

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Bill Title: Exempts primary residential property purchased by first-time homebuyers meeting certain income and purchase price requirements from the tax on real estate transfers in the town of Southold, county of Suffolk.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-06-19 - substituted by s6965 [A09316 Detail]

Download: New_York-2013-A09316-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 6965                                                  A. 9316
                             S E N A T E - A S S E M B L Y
                                     April 9, 2014
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed,  and  when  printed  to  be committed to the Committee on Investi-
         gations and Government Operations
       IN ASSEMBLY -- Introduced by M. of A. PALUMBO, THIELE -- read  once  and
         referred to the Committee on Ways and Means
       AN  ACT  to amend the tax law, in relation to exempting primary residen-
         tial property  purchased  by  first-time  homebuyers  meeting  certain
         income  and  purchase  price  requirements from the tax on real estate
         transfers in the town of Southold, county of Suffolk
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision 4 of section 1449-ee of the tax law, as added
    2  by chapter 349 of the laws of 2008, is amended to read as follows:
    3    4. Primary residential property purchased by one or more persons, each
    4  of whom is a first-time homebuyer shall be exempt from  the  payment  of
    5  the  real estate transfer tax, in the towns of Southampton, East Hampton
    6  [and], Shelter Island AND SOUTHOLD, provided that:
    7    (a)(1) IN THE TOWNS OF SOUTHAMPTON, EAST HAMPTON AND  SHELTER  ISLAND,
    8  the primary residential property is within one hundred twenty percent of
    9  the  purchase  price  limits  defined  by the state of New York mortgage
   10  agency low interest rate mortgage program in the non-target  one  family
   11  categories  for  Suffolk  county  in effect on THE contract date for the
   12  sale of such property;
   13    (2) IN THE TOWN OF SOUTHOLD, THE PRIMARY RESIDENTIAL PROPERTY IS WITH-
   14  IN SIXTY PERCENT OF THE PURCHASE PRICE LIMITS DEFINED BY  THE  STATE  OF
   15  NEW  YORK MORTGAGE AGENCY LOW INTEREST RATE MORTGAGE PROGRAM IN THE NON-
   16  TARGET ONE FAMILY  CATEGORIES  FOR  SUFFOLK  COUNTY  IN  EFFECT  ON  THE
   17  CONTRACT DATE FOR THE SALE OF SUCH PROPERTY; and
   18    (b)  the  buyer's  household  income does not exceed the income limits
   19  defined by the state of New York mortgage agency low interest rate mort-
   20  gage program in the non-target, one and two  person  household  category
   21  for  Suffolk  county in effect on the contract date for the sale of such
   22  property.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14177-01-4
       S. 6965                             2                            A. 9316
    1    S 2. This act shall take effect immediately, provided, that the amend-
    2  ments to section 1449-ee of the tax law made by section one of this  act
    3  shall not affect the repeal of such section and shall be deemed repealed
    4  therewith.