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PATAKI VETOES BILL AIDING FIRST-TIME HOME BUYERS

Gov. George E. Pataki vetoed a bill Friday that would have given first-time buyers a tax break on newly built homes.

Pataki cited "serious technical deficiencies," including the definitions of a first-time buyer and eligibility standards for the tax exemption.

The legislation called for a 50 percent tax exemption in the first year that would decline by 10 percent annually over five years to a 10 percent exemption in the final year. It would have applied to new homes and existing properties with higher assessed values after renovations costing more than $3,000 contracted within three months of the date of purchase.

Pataki said eligibility requirements were not clearly explained in the legislation. .

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