S T A T E O F N E W Y O R K
________________________________________________________________________
2430
2009-2010 Regular Sessions
I N A S S E M B L Y
January 15, 2009
___________
Introduced by M. of A. TOBACCO -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to terminating the state mort-
gage recording tax
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 253 of the tax law, as amended by
chapter 350 of the laws of 1969, is amended to read as follows:
1. A tax of fifty cents for each one hundred dollars and each remain-
ing major fraction thereof of principal debt or obligation which is, or
under any contingency may be secured at the date of the execution there-
of or at any time thereafter by a mortgage on real property situated
within the state recorded on or after the first day of July, nineteen
hundred [and] six AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND
NINE, is hereby imposed on each such mortgage, and shall be collected
and paid as provided in this article. If the principal debt or obli-
gation which is or by any contingency may be secured by such mortgage
recorded on or after the first day of July, nineteen hundred [and] seven
AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE, is less than
one hundred dollars, a tax of fifty cents is hereby imposed on such
mortgage, and shall be collected and paid as provided in this article.
S 2. Paragraph (a) of subdivision 2 of section 253 of the tax law, as
amended by section 2 of part A of chapter 63 of the laws of 2005, is
amended to read as follows:
(a) In addition to the taxes imposed by subdivisions one and one-a of
this section, there shall be imposed on each mortgage of real property
situated within the state recorded on or after the first day of July,
nineteen hundred sixty-nine AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO
THOUSAND NINE, an additional tax of twenty-five cents for counties
outside of the metropolitan commuter transportation district, as defined
pursuant to section twelve hundred sixty-two of the public authorities
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04031-01-9
A. 2430 2
law, and thirty cents for counties within such metropolitan commuter
transportation district for each one hundred dollars and each remaining
major fraction thereof of principal debt or obligation which is, or
under any contingency may be secured at the date of execution thereof or
at any time thereafter by such mortgage, saving and excepting the first
ten thousand dollars of such principal debt or obligation in any case in
which the related mortgage is of real property principally improved or
to be improved by a one or two family residence or dwelling. All the
provisions of this article shall apply with respect to the additional
tax imposed by this subdivision to the same extent as if it were imposed
by the said subdivision one of this section, except as otherwise
expressly provided in this article. The imposition of this additional
tax on mortgages recorded in a county outside the city of New York,
other than one of the counties from time to time comprising the metro-
politan commuter transportation district, the Niagara Frontier transpor-
tation district, the Rochester-Genesee transportation district, the
capital district transportation district or the central New York
regional transportation district may be suspended for a specified period
of time or without limitation as to time by a local law, ordinance or
resolution duly adopted by the local legislative body of such county.
S 3. This act shall take effect immediately.