Assembly Bill A7062

2009-2010 Legislative Session

Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2009-A7062 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §268, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A2005
2013-2014: A907
2015-2016: A2989
2017-2018: A5520
2019-2020: A4219
2021-2022: A8913
2023-2024: A2375

2009-A7062 (ACTIVE) - Summary

Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality pursuant to article 11 of the tax law; directs commissioner of taxation and finance to establish qualifications and procedures for obtaining such exemption.

2009-A7062 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7062

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 19, 2009
                               ___________

Introduced by M. of A. CARROZZA -- read once and referred to the Commit-
  tee on Ways and Means

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
as follows:
  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.
                                                           LBD10251-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.