New York A 5098: Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A05098 Summary:

BILL NOA05098 

&nbsp

SAME ASSAME AS S01157

&nbsp

SPONSORRamos

&nbsp

COSPNSRBenedetto, Jones, Lupardo, Barrett, Lemondes, Paulin, Cunningham, Kelles, Schiavoni, McDonald,
 Williams, Colton, Dais, Lunsford, Griffin, Hyndman, Burroughs, Slater, Reyes, Bendett, Simpson,
 Santabarbara, Shimsky, Kassay, McMahon, Giglio, Chludzinski, Angelino, Steck, Kay, Rozic,
 DeStefano, Novakhov, Brook-Krasny, Torres

&nbsp

MLTSPNSR

&nbsp

Add Art 28 §§1250 - 1256, Priv Hous Fin L; amd §612, Tax L

&nbsp

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.

Go to top A05098 Actions:

BILL NOA05098 

&nbsp

02/12/2025referred to housing

01/07/2026referred to housing

05/20/2026reported referred to codes

Go to topA05098 Committee&nbspVotes:

Committee:HOUSING Chair:Rosenthal 
DATE:05/20/2026AYE/NAY:25/0 Action: Favorable refer to committee Codes RosenthalAyeFitzpatrickAye

CookExcusedNovakhovAye

KimAyeBrown K Aye

WalkerAyeBrown EAAye

Bichotte HermelAyeBrook-KrasnyAye

DavilaAyeChangAye

EichensteinAyeNorberAye

MeeksExcusedMolitorAye

BurdickAye

RiveraAye

JacksonAye

KellesAye

TapiaAye

LucasAye

Chandler-WatermAye

LevenbergAye

DaisAye

TorresAye

ReyesAbsent

ZaccaroAye

Go to topA05098 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05098 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5098

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 12, 2025
 ___________

 Introduced by M. of A. RAMOS, BENEDETTO, JONES, LUPARDO, BARRETT,
 LEMONDES, PAULIN, CUNNINGHAM, KELLES -- read once and referred to the
 Committee on Housing

 AN ACT to amend the private housing finance law, in relation to estab-
 lishing the New York state first home savings program, which author-
 izes first time home buyers to establish savings accounts to purchase
 a home; and to amend the tax law, in relation to establishing a
 personal income tax deduction for deposits into such accounts

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 article 28 to read as follows:
 3 ARTICLE XXVIII
 4 NEW YORK STATE FIRST HOME
 5 SAVINGS PROGRAM
 6 Section 1250. Program established.
 7 1251. Purposes.
 8 1252. Definitions.
 9 1253. Functions of the comptroller.
 10 1254. Powers of the comptroller.
 11 1255. Program requirements; first home savings account.
 12 1256. Program limitations; first home savings account.
 13 § 1250. Program established. There is hereby established a first home
 14 savings program and such program shall be known and may be cited as the
 15 "New York state first home savings program".
 16 § 1251. Purposes. The purposes of the program shall be to authorize
 17 the establishment of first home savings accounts and to provide guide-
 18 lines for the maintenance of such accounts to:
 19 1. enable residents of this state to benefit from the tax incentive
 20 provided for qualified state first home savings accounts under section
 21 six hundred twelve of the tax law; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03183-01-5

 A. 5098 2

 1 2. incentivize residents to save for the purchase of a first home
 2 within the state.
 3 § 1252. Definitions. As used in this article, the following terms
 4 shall have the following meanings:
 5 1. "Account" or "first home savings account" shall mean an individual
 6 savings account established in accordance with the provisions of this
 7 article for the exclusive benefit of the account owner or designated
 8 beneficiary that is the first time buyer of a home, townhome, condomin-
 9 ium or unit in a cooperative housing corporation.
 10 2. "Account owner" shall mean a taxpayer who enters into a first home
 11 savings agreement pursuant to the provisions of this article, including
 12 a person who enters into such an agreement as a fiduciary or agent on
 13 behalf of a trust, estate, partnership, association, company or corpo-
 14 ration.
 15 3. "Designated beneficiary" shall mean, with respect to an account or
 16 accounts, the designated in