Senate passes bill to create First Home Savings program for first-time buyers

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 dream,” Cooney said on the floor. “Home ownership is about stability. Stability for a family, stability for a neighborhood ... That’s why I’ve introduced my bill to establish the New York State First Home Savings Program.”

The bill, identified on the floor as Senate print 1157 (calendar number 171), passed on voice and roll-call; the clerk announced the result as 61 ayes. The measure's text as read on the calendar says the program would provide a state income tax deduction for deposits placed into accounts designated for first-time home purchases. The transcript did not specify the program's detailed eligibility rules or the precise effective date in clear text.

Cooney said the program is intended to make “home ownership a reality once again” for New Yorkers in communities with high barriers to entry, referencing cities like Rochester.

The bill was reported out of the calendar and enacted by the Senate with the announced tally. The transcript does not record implementation steps, specific administrative rules, or a detailed funding mechanism for the program; those would typically be specified in the bill text and in follow-on agency guidance.

Votes at a glance: Senate print 1157 (calendar 171) — passed; announced result: 61 ayes.

The measure now proceeds along the legislative process toward any further required concurrence by the Assembly or gubernatorial action as provided by law.