State lawmakers introduce first-time homebuyer savings account bill following NYSAR Lobby Day

Following NYSAR and REALTOR^® Lobby Day advocacy efforts, legislation that would create a NYS first-time homebuyer savings account program (A.6933/S.6574) was introduced this week in the Assembly by Assembly member Phil Ramos (Suffolk). The bill would allow individuals and families to take a state income tax deduction on annual deposits into the account (up to $5,000 for individuals and $10,000 for couples). Senator Jeremy Cooney (Rochester) carries the bill in the Senate. Support for this bill was one of NYSAR’s legislative priorities during its May 2 REALTOR^® Lobby Day in Albany.