•  Summary 
  •  
  •  Actions 
  •  
  •  Votes 
  •  
  •  Memo 
  •  
  •  Text 

A04427 Summary:

BILL NO    A04427 

SAME AS    No same as 

SPONSOR    Ramos

COSPNSR    

MLTSPNSR   

Amd S612, Tax L

Provides for the establishment of a home purchase account; enables first time
house, condominium or unit in a cooperative housing corporation purchasers to
deposit monies into an account established at a banking institution and be able
to take a tax deduction for the amount deposited, not exceeding $5,000 for an
individual and $10,000 for a couple; withdrawal of the monies in the fund will
not make an individual liable to income tax if such monies are applied toward
the purchase of a house, condominium or unit in a cooperative housing
corporation or the construction of a house, condominium or unit in a
cooperative housing corporation; inappropriate application of fund monies shall
cause the individual to be liable for income tax and be penalized.
Go to top
Page display time = 0.1051 sec