Provides that the maximum speed limit on state highways may be established pursuant to an engineering and/or traffic investigation authorized or performed by the department of transportation or the municipality within which the section of state highway subject to such speed limit is located.
Eliminates state sales and compensating use taxes on motor fuels and diesel motor fuels; authorizes localities to eliminate such taxes at the local level; establishes various exemptions from New York's sales and use tax; provides for a sales tax exemption for housekeeping supplies and for ready-to-eat foods.
Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.