Assemblyman Phil Ramos (D-Brentwood) announced that a bill he authored to provide an income tax deduction for New Yorkers looking to purchase their first home passed the Assembly’s Ways and Means Committee unanimously, 33-0, (A.5616).
“The sad truth is, home ownership is out of reach for a lot of New Yorkers these days,” Ramos said. “We can change that. This legislation takes home ownership from being a dream to a reality for more people.”
Over the years, the cost of home ownership in New York has continued to rise. Ramos’ bill allows potential buyers to set up a first-time homebuyers’ savings account and take a yearly tax deduction for the amount deposited, up to $5,000 for an individual or $10,000 for a couple. Additionally, interest accrued would remain untaxed.
“Suffolk and Nassau counties are some of the most expensive places to live in the state,” said Ramos. “This legislation would incentivize our young people to stay in the area and help our communities move forward.”
This legislation is designed to help ease the financial burden that comes with purchasing a home for the first time. The measure would stimulate the local economy, ensure that more young people can stay in the community and create new jobs constructing additional housing, noted Ramos.