New York S 4024: Relates to the enforcement by the village of Sagaponack of interests in real property acquired for the purposes of open space or open areas

Bill Text

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S04024 Summary:

BILL NOS04024 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §97-n, St Fin L; add §421-r, RPT L

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Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.

Go to top S04024 Actions:

BILL NOS04024 

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01/31/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS04024 Committee&nbspVotes:

Go to topS04024 Floor&nbspVotes:

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

Go to topS04024 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4024

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the state finance law and the real property tax law, in
 relation to creating the New York state home ownership savings plan
 and creating a property tax exemption relating thereto

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York state home ownership savings plan".
 3 § 2. The state finance law is amended by adding a new section 97-n to
 4 read as follows:
 5 § 97-n. New York state home ownership savings plan. 1. The purpose of
 6 the New York state home ownership savings plan is to attract individuals
 7 to reside and remain in the state by authorizing the establishment of
 8 home ownership savings accounts and providing guidelines for the mainte-
 9 nance of such accounts in order to enable individuals and couples to
 10 receive a refundable tax credit to help them save toward the purchase of
 11 a first home in New York state.
 12 2. As used in this section:
 13 (a) "Assets of the plan" means all contributions made into the plan,
 14 any transfers made into the plan under this section and all income
 15 earned therefrom and on assets substituted therefor, whether or not the
 16 assets of the plan are in the form of qualified investments.
 17 (b) "Couple" means individuals who have cohabited for a period of at
 18 least five years in a conjugal relationship regardless of whether they
 19 are married.
 20 (c) "Comptroller" means the comptroller of the state of New York.
 21 (d) "Contribution" means the amount of money paid by an individual to
 22 a financial organization as a payment into a home ownership savings
 23 plan.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07598-01-5

 S. 4024 2

 1 (e) "Financial organization" means a financial institution authorized
 2 to do business in the state of New York and (i) which is an authorized
 3 fiduciary to act as a trustee pursuant to the provisions of an act of
 4 congress entitled "Employee Retirement Income Security Act of 1974" as
 5 such provisions may be amended from time to time, or an insurance compa-
 6 ny; and
 7 (ii) (1) is licensed or chartered by the department of financial
 8 services;
 9 (2) is chartered by an agency of the federal government;
 10 (3) is subject to the jurisdiction and regulation of the securities
 11 and exchange commission of the federal government; or
 12 (4) is any other entity otherwise authorized to act in this state as a
 13 trustee pursuant to the provisions of an act of congress entitled
 14 "Employee Retirement Income Security Act of 1974" as such provisions may
 15 be amended from time to time.
 16 (f) "Homeownership savings plan" means an arrangement entered into by
 17 an individual and a financial organization under which payment is made
 18 by the individual to the financial organization of an amount of money as
 19 a payment under the arrangement to be used, invested or otherwise
 20 applied by the financial organization for the purpose of providing to
 21 the individual as the planholder under the arrangement an amount of
 22 money to be used by the individual for the purchase by them of a quali-
 23 fying eligible home.
 24 (g) "Individual" means a person other than a trust or corporation as
 25 defined b