New York Senate Bill 6548 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 25 2016 - 25% progression, died in chamber
Action: 2016-03-17 - RECOMMIT, ENACTING CLAUSE STRICKEN
Text: Latest bill text (Introduced) [HTML]

Provides for the establishment of a home purchase account; enables first time house, townhouse, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; provides withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, townhouse, condominium or unit in a cooperative housing corporation or the construction of a house, townhouse, condominium or unit in a cooperative housing corporation; provides that inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.

Provides for the establishment of a home purchase account; enables first time house, townhouse, condominium or unit in a cooperative housing corporation purchasers to deposit monies into an account established at a banking institution and be able to take a tax deduction for the amount deposited, not exceeding $5,000 for an individual and $10,000 for a couple; provides withdrawal of the monies in the fund will not make an individual liable to income tax if such monies are applied toward the purchase of a house, townhouse, condominium or unit in a cooperative housing corporation or the construction of a house, townhouse, condominium or unit in a cooperative housing corporation; provides that inappropriate application of fund monies shall cause the individual to be liable for income tax and be penalized.

Sen. Marc Panepinto [D]

Date	Chamber	Action
2016-03-17	Senate	RECOMMIT, ENACTING CLAUSE STRICKEN
2016-01-25	Senate	REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

A04427 (Same As) 2016-05-25 - print number 4427b

Type	Source
Summary	https://assembly.state.ny.us/leg/?default_fld=&bn=S06548&term=2015&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S06548&term=2015&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S06548