S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 3176                                                  A. 5028
                              2011-2012 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   February 10, 2011
                                      ___________
       IN  SENATE  --  Introduced by Sens. LAVALLE, STEWART-COUSINS, FUSCHILLO,
         HANNON, JOHNSON -- read twice and ordered printed, and when printed to
         be committed to the Committee on Local Government
       IN ASSEMBLY -- Introduced by M. of A. SWEENEY, GUNTHER, CAHILL,  WRIGHT,
         COLTON,  PHEFFER,  JAFFEE, LAVINE, GIBSON, HIKIND, BOYLAND, BENEDETTO,
         SCHROEDER, MAISEL, SPANO, RAMOS, COOK,  HOOPER,  M. MILLER  --  Multi-
         Sponsored  by -- M. of A. ABBATE, BRENNAN, DenDEKKER, DESTITO, GABRYS-
         ZAK, GOTTFRIED, HEASTIE, JEFFRIES, LUPARDO,  MAGEE,  MARKEY,  McENENY,
         MILLMAN,  RAIA, THIELE, TITUS, WEISENBERG -- read once and referred to
         the Committee on Real Property Taxation
       AN ACT to amend the real property tax law, in relation to extending  the
         date  allowable  for  exemptions  for  first-time  homebuyers of newly
         constructed homes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subdivision 5 of section 457 of the real property tax law,
    2  as amended by chapter 657 of the laws of 2005, is  amended  to  read  as
    3  follows:
    4    5.  No  exemption  shall  be  allowed pursuant to this section for any
    5  newly constructed primary residential property purchased by a first-time
    6  homebuyer on or after December thirty-first, two thousand [ten] SIXTEEN,
    7  unless such purchase is pursuant to a binding written  contract  entered
    8  into  prior  to  December  thirty-first,  two  thousand  [ten]  SIXTEEN.
    9  Provided, however, that any  first-time  homebuyer  who  is  allowed  an
   10  exemption  pursuant to this section prior to such date shall continue to
   11  be allowed further  exemptions  pursuant  to  subdivision  one  of  this
   12  section.
   13    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02939-01-1