From the BNAR (Buffalo Niagara Association of Realtors) webpage:
Please CLICK HERE TO TAKE ACTION and tell Gov. Andrew Cuomo to sign the NY First Home bill into law!
The NY First Home initiative would allow New Yorkers to establish a tax-free savings account to help them save for the purchase of their first home and achieve the dream of homeownership.
If NY First Home is signed 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.