Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home. The bill defines a first time home buyer as an individual who has never owned a principal residence. Contributions to the account are limited to $100,000 per account. Withdrawals from the account during a period of less than twelve months from the date such account was created shall be considered a nonqualified withdrawal. The bill also amends the tax law to provide a personal income tax deduction for deposits into such accounts.

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home.

Establishes the New York state first home savings program to authorize first time home buyers to establish savings accounts to buy their first home. The bill defines a first time home buyer as an individual who has never owned a principal residence. Contributions to the account are limited to $100,000 per account. Withdrawals from the account during a period of less than twelve months from the date such account was created shall be considered a nonqualified withdrawal. The bill also amends the tax law to provide a personal income tax deduction for deposits into such accounts.