New York S 3190: Provides a tax credit to taxpayers who grow the base ingredients necessary for the production of beer

Bill Text

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S03190 Summary:

BILL NOS03190 

&nbsp

SAME ASSAME AS A08493

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSRRHOADS

&nbsp

MLTSPNSR

&nbsp

Add §457-a, RPT L

&nbsp

Expands eligibility for the low interest rate program of the state of New York mortgage agency to certain graduates of post secondary programs or comparable apprenticeship and workforce training programs for the purchase of certain property.

Go to top S03190 Actions:

BILL NOS03190 

&nbsp

01/24/2025REFERRED TO LOCAL GOVERNMENT

01/27/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

01/27/2025ORDERED TO THIRD READING CAL.164

02/04/2025PASSED SENATE

02/04/2025DELIVERED TO ASSEMBLY

02/04/2025referred to banks

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO LOCAL GOVERNMENT

03/31/20261ST REPORT CAL.662

04/01/20262ND REPORT CAL.

04/07/2026ADVANCED TO THIRD READING 

04/16/2026PASSED SENATE

04/16/2026DELIVERED TO ASSEMBLY

04/16/2026referred to banks

Go to topS03190 Committee&nbspVotes:

Go to topS03190 Floor&nbspVotes:

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

Go to topS03190 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3190

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 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 expanding
 eligibility for the low interest rate program of the state of New York
 mortgage agency

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

 1 Section 1. The real property tax law is amended by adding a new
 2 section 457-a to read as follows:
 3 § 457-a. Eligibility for the low interest rate program. Individuals
 4 who have graduated from a program in post secondary education or compa-
 5 rable apprenticeship and workforce training programs shall, for a period
 6 of seven years after such graduation, be eligible to participate in the
 7 low interest rate program of the state of New York mortgage agency.
 8 Such eligibility shall be limited to the purchase of residential proper-
 9 ty which shall be owner-occupied, located in a municipality with a popu-
 10 lation of less than one million and in an area which is either econom-
 11 ically depressed or facing population loss as determined by the division
 12 of homes and community renewal. For eligible individuals, the interest
 13 rate for thirty-year mortgages shall be 1.5 percent lower than the stan-
 14 dard interest rate offered to all other participants in the low interest
 15 rate program for a period of ten years after the effective date of this
 16 section, after which the interest rate for such individuals shall be the
 17 same as the standard rate; provided however, that in no case shall the
 18 interest rate for such eligible individuals be less than zero percent
 19 per annum unless so authorized by rules and regulations promulgated by
 20 the commissioner of the state of New York mortgage agency.
 21 The commissioner of the state of New York mortgage agency shall
 22 promulgate such rules and regulations as may be necessary for the admin-
 23 istration of this section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07075-01-5

 S. 3190 2

 1 § 2. This act shall take effect on the ninetieth day after it shall
 2 have become a law. Effective immediately, the addition, amendment and/or
 3 repeal of any rule or regulation necessary for the implementation of
 4 this act on its effective date are authorized to be made and completed
 5 on or before such effective date.

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