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 establishes the New York state first home savings program, allowing first-time home buyers to create savings accounts for home purchases. The program is managed by the state comptroller, who can select financial organizations as depositories and managers. Contributions are limited to $100,000 per account, with annual investment direction limited to two times. The program provides tax incentives for qualified withdrawals used for first home purchases, with penalties for nonqualified withdrawals.

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 establishes the New York state first home savings program, allowing first-time home buyers to create savings accounts for home purchases. The program is managed by the state comptroller, who can select financial organizations as depositories and managers. Contributions are limited to $100,000 per account, with annual investment direction limited to two times. The program provides tax incentives for qualified withdrawals used for first home purchases, with penalties for nonqualified withdrawals.