REALTORS throughout New York State are advocating for an exciting new proposal called NY First Home (A.5616-Ramos/S.4058-Little), and we need your support to get it passed into law! Please TAKE ACTION by signing the petition asking your state legislators to support the NY First Home proposal and include it in this year’s State Budget, which is being negotiated now. Tell your friends and family to sign too (the petition is open to the public)!
The NY First Home proposal would establish a new tax-free savings account modeled after the state’s 529 College Savings Program to help first-time homebuyers in New York overcome high down payment requirements and closing costs in order to achieve their dreams of homeownership.
If NY First Home is passed into law, New Yorkers could:
* Deposit up to $5,000 annually ($10,000 for couples) in a special savings account to go toward the purchase of a first home in New York State.
* Receive a state income tax deduction on the principal investment and any gains would NOT be subject to state income tax.
* Apply the savings and any interest earned toward closing costs and down payment for the purchase of a first home in New York State.