BILL NUMBER: S5224
SPONSOR: PARKER
 
TITLE OF BILL:
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
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill relates to creating the New York state home ownership savings
plan and creating a property tax exemption related thereto.
 
SUMMARY OF PROVISIONS:
Section 1: Short title. This act shall be known and may be cited as the
"New York state home ownership savings plan".
Section 2: The state finance law is amended by adding a new section
97-m.
Section 3: The real property tax law is amended by adding a new section
42'- P
Section 4: This act shall take effect immediately.
 
JUSTIFICATION:
In recent years, homeownership in New York has declined to rates not
seen since the Great Depression. The declines are particularly concen-
trated among younger households, with many young people delaying proper-
ty purchases for a variety of reasons. Furthermore, according to the
2010 Census, New York State has the lowest percentage of homeowners in
the United States. This is the second consecutive census in which New
York has had the lowest rate. Only 53 percent of the population owned a
home compared to the national rate of 65.1 percent.
Home ownership can confer significant benefits for individuals and
communities. Owning a home can result in increased health and education
benefits, increased civic involvement, reduced crime and higher lifetime
wealth. Owning a residence also leads to higher tax revenues, reclama-
tion of distressed neighborhoods and census tracts, and renovation of
abandoned and/or vacant buildings. Therefore it is in the interest of
the state to continue offering opportunities for individuals to purchase
homes.
In a manner similar to the New York College Savings Program, and the
Ontario home buyer's savings plan, this plan would offer potential home
buyers a tax-advantaged opportunity to save their money and buy a home.
It is expected this program will become immensely popular in New York
because, like Independent Retirement Accounts (IRAs), this new program
would empower average New Yorkers in rural, suburban and urban to join
in the American Dream of owning a home. Finance
 
FISCAL IMPLICATIONS:
There will be no discernible fiscal impact in the initial years of this
program. It is expected that returning distressed properties to the tax
rolls and developing distressed census tracts will provide new revenue
to the state fisc.
 
PRIOR LEGISLATIVEHISTORY:
2021-22: S4950 -Referredto Finance
2019-20: S4993 -REFERREDTO FINANCE
2017-18: S3399 - Referred to Finance
2015-16: S.3978- Referred to Fianance
2014: S. 6642- Reffered to Finance
 
EFFECTIVE DATE:
This shall take effect immediately.