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Senate passes bill to create First Home Savings program for first-time buyers
Summary
The New York State Senate on Feb. 3 passed a bill from Senator Cooney to establish a First Home Savings program that would let qualifying first-time buyers deduct deposits to designated savings accounts on their state income taxes, proponents said.
The New York State Senate on Feb. 3 passed legislation to establish the New York State First Home Savings Program, a measure intended to encourage first-time homebuyers to save by allowing a state income tax deduction for qualifying deposits into designated accounts.
Senator Cooney, who sponsored the measure, told colleagues the bill is aimed at restoring affordability and helping prospective buyers build savings. “Buying a home is a cornerstone of the American…
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