NY S07903

Establishes the New York State First Home Savings Program allowing first-time home buyers to open dedicated savings accounts for qualified residential purchases within New York.

Permits account owners to contribute up to $100,000 per account in cash, with contributions limited to qualified first home purchase expenses for houses, townhouses, condominiums, or cooperative units.

Provides a state income tax deduction of up to $5,000 annually per individual (maximum $10,000 for married couples filing jointly) for deposits into first home savings accounts.

Requires the State Comptroller to implement the program through financial organizations as account managers, establish administrative rules, and ensure proper oversight and reporting of accounts.

Imposes tax penalties on nonqualified withdrawals and failure to use purchased property as primary residence for at least two years, with limited exceptions for employment relocation or unforeseeable financial emergencies.