New York S 1157: Repeals article 26 of the tax law known as the estate tax

Bill Text

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S01157 Summary:

BILL NOS01157 

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SAME ASSAME AS A05098

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SPONSORCOONEY

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COSPNSRADDABBO, ASHBY, BASKIN, BYNOE, CANZONERI-FITZPATRICK, COMRIE, GALLIVAN, HARCKHAM, HELMING, HINCHEY,
 JACKSON, MARTINS, MATTERA, MAY, MURRAY, MYRIE, PALUMBO, RHOADS, ROLISON, WALCZYK, WEBB, WEBER

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MLTSPNSR

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

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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 S01157 Actions:

BILL NOS01157 

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01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/27/20251ST REPORT CAL.171

01/28/20252ND REPORT CAL.

02/03/2025ADVANCED TO THIRD READING 

02/04/2025PASSED SENATE

02/04/2025DELIVERED TO ASSEMBLY

02/04/2025referred to housing

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

02/10/2026REPORTED AND COMMITTED TO FINANCE

05/28/2026COMMITTEE DISCHARGED AND COMMITTED TO RULES

05/28/2026ORDERED TO THIRD READING CAL.1341

06/01/2026PASSED SENATE

06/01/2026DELIVERED TO ASSEMBLY

06/01/2026referred to codes

Go to topS01157 Committee&nbspVotes:

Go to topS01157 Floor&nbspVotes:

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

Go to topS01157 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1157

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. COONEY, ADDABBO, COMRIE, GALLIVAN, HARCKHAM,
 HINCHEY, JACKSON, MURRAY, MYRIE, PALUMBO, RHOADS, ROLISON, WALCZYK,
 WEBB, WEBER -- read twice and ordered printed, and when printed to be
 committed to the Committee on Housing, Construction and Community
 Development

 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

 S. 1157 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,