The New York State First Home Savings Program bill is currently in senate committee. The bill introduced earlier this year, creates New York’s first savings account for purchasing a home. According to the bill, it’s purpose is to “provide future first time homebuyers a special savings account and deduction similar to the 529 College Savings Program that may be used for the purchase of a first home in New York State.”
Under this legislation, an individual would be eligible to make a $5,000.00 per year tax deductible deposit into a New York State First Home Savings account, $10,000.00 for couples. In addition, any interest accrued would remain untaxed. The savings account would remain under the sole custody of the New York State Comptroller.
Senate Bill S4058 still has to pass the assembly and the senate to make it to the governor’s desk for signing. The bill is a welcome tool for growing home ownership in our state. If you would like to see a home savings account, contact your state senator to support it.