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 an NYS first-time homebuyer savings account program (A.6933/S.6574) was introduced this week in the Assembly by Assemblymember 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 the REALTOR® Lobby Day in Albany on May 2.