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S 4024

Creates the New York state home ownership savings plan and creating a property tax exemption related thereto

2025 Regular Session Introduced by Kevin Parker

Bill S 4024 creates a Home Ownership Savings Plan in New York, allowing residents to save for down payments with tax exemptions, boosting home ownership access.

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Bill Summary · S 4024

Summary of Bill S 4024: New York State Home Ownership Savings Plan

Purpose and Intent

Bill S 4024 aims to establish a Home Ownership Savings Plan in New York State, designed to encourage and facilitate home ownership among residents. The bill seeks to create a structured savings mechanism that allows individuals to save for a down payment on a home while also providing a property tax exemption related to these savings.

Key Provisions

  • Home Ownership Savings Account: The bill proposes the creation of dedicated savings accounts that individuals can open specifically for the purpose of saving for home ownership.
  • Tax Benefits: Contributions made to these accounts may be eligible for tax exemptions, thereby incentivizing savings for prospective home buyers.
  • Eligibility Criteria: The bill outlines who can open these accounts, likely targeting first-time home buyers or low-to-moderate income individuals and families.
  • Use of Funds: Funds saved in these accounts must be used for qualifying expenses related to purchasing a home, such as down payments, closing costs, and other related fees.

Affected Parties

  • Home Buyers: The primary beneficiaries of this bill will be individuals and families looking to purchase their first home, particularly those who may struggle to save for a down payment.
  • Financial Institutions: Banks and credit unions may be involved in managing these savings accounts, potentially leading to new financial products tailored to this initiative.
  • Local Governments: The property tax exemption aspect may impact local government revenues, necessitating adjustments in budget planning and allocation.

Procedural Aspects

  • Current Status: As of January 31, 2025, the bill has been referred to the Finance Committee for further consideration.
  • Legislative History: This bill follows several related bills from prior sessions (S 3978, S 6642, S 3399, S 4993, S 4950, S 5224), indicating ongoing legislative interest in addressing home ownership challenges in New York State.

Conclusion

Bill S 4024 represents a significant step towards promoting home ownership in New York by providing a structured savings plan and associated tax benefits. If passed, it could enhance the ability of many residents to achieve home ownership, thereby contributing to community stability and economic growth. Further discussions and evaluations in the Finance Committee will determine the bill's future and potential adjustments.

Compiled from official sources — confirm details with the bill’s official record.

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