S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
January 17, 2013
Introduced by Sen. LANZA -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
AN ACT to amend the tax law, in relation to an exemption from municipal
mortgage tax for first time home buyers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The tax law is amended by adding a new section 268 to read
S 268. EXEMPTION FOR FIRST TIME HOME BUYERS FROM MUNICIPAL MORTGAGE
TAX. 1. EVERY MUNICIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR
RECORDING TAX PURSUANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN
EXEMPTION FROM SUCH TAX WHERE THE MORTGAGOR IS A FIRST TIME HOME BUYER
AND THE RESIDENCE BEING MORTGAGED IS INTENDED TO BE SAID MORTGAGOR'S
PRINCIPAL PLACE OF RESIDENCE.
2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATION, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH AN EXEMPTION.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law. Effective immediate-
ly, the commissioner of taxation and finance shall promulgate necessary
and advisable rules and regulations for the implementation of this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.