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

This bill establishes New York's First Home Savings Program, creating tax-advantaged savings accounts for first-time home buyers. It directly affects New York residents who have never owned a primary residence (including those with mobile homes but excluding those who claimed home tax deductions), allowing them to save for purchasing a home in the state. Key provisions include tax incentives under state law, strict rules defining "first-time buyer" status, and requirements that funds be used only for qualified home purchases (houses, condos, or co-ops) within New York as a primary residence. Withdrawals for non-qualified purposes face penalties, while exceptions exist for death, emergencies, or military service. The program is managed by the state comptroller and requires accounts to be held at approved financial institutions.