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Assembly Bill A7705

2009-2010 Legislative Session

Waives mortgage tax on the refinanced mortgage that replaces an adjustable rate mortgage initially offered at a sub-prime rate

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Archive: Last Bill Status - In Assembly Committee

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2009-A7705 (ACTIVE) - Details

See Senate Version of this Bill:
S2073
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §250, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A2557

2009-A7705 (ACTIVE) - Summary

Waives mortgage tax on the refinanced mortgage that replaces an adjustable rate mortgage initially offered at a sub-prime rate.

2009-A7705 (ACTIVE) - Bill Text download pdf 

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

                                  7705

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 22, 2009
                               ___________

Introduced  by  M.  of  A.  P. RIVERA,  RAMOS,  DIAZ,  COLTON,  MILLMAN,
  J. RIVERA,  GREENE,  BENEDETTO,  MOLINARO,  PERALTA,  ALFANO,  WALKER,
  ORTIZ,  FINCH, ROBINSON, MAISEL, ESPAILLAT -- Multi-Sponsored by -- M.
  of A. COOK, PHEFFER, POWELL, REILLY, N. RIVERA, THIELE  --  read  once
  and referred to the Committee on Ways and Means

AN  ACT  to  amend the tax law, in relation to exempting from the tax on
  mortgages, any mortgage which replaces  an  adjustable  rate  mortgage
  which initially had a rate of interest below the prime rate

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 250 of the tax law is  amended  by
adding a new paragraph (c) to read as follows:
  (C)  SUCH  TERM  SHALL NOT INCLUDE ANY MORTGAGE OR DEED OF TRUST WHICH
IMPOSES A LIEN ON OR AFFECTS THE TITLE TO REAL PROPERTY, WHEN SUCH MORT-
GAGE OR DEED OF TRUST REPLACES A PREVIOUS MORTGAGE OR DEED OF TRUST:
  (I) RELATING TO THE SAME PARCEL OF REAL PROPERTY;
  (II) WHEN THE OWNERS OF SUCH REAL PROPERTY REMAIN THE SAME; AND
  (III) THE MORTGAGE OR DEED  OF  TRUST,  WHICH  WAS  REPLACED,  HAD  AN
ADJUSTABLE RATE OF INTEREST THAT WAS INITIALLY BELOW THE PRIME RATE.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02672-01-9

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