Senate Bill S4500

2009-2010 Legislative Session

Limits tax on refinanced mortgages to the difference between the indebtedness secured by the new mortgage and the remaining indebtedness secured on the former mortgage

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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-S4500 (ACTIVE) - Details

See Assembly Version of this Bill:
A5389
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง250, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3048, A3396
2013-2014: A3602

2009-S4500 (ACTIVE) - Summary

Limits the tax imposed on refinanced mortgages to the difference between the total indebtedness secured by the new mortgage and the remaining indebtedness, which had been secured on the former mortgage.

2009-S4500 (ACTIVE) - Sponsor Memo

2009-S4500 (ACTIVE) - Bill Text download pdf 

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

                                  4500

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 24, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to limiting the tax imposed  on
  refinanced  mortgages to the difference between the total indebtedness
  secured by the new mortgage and the remaining indebtedness secured  by
  the former mortgage

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

  Section 1. Paragraph (b) of subdivision 2 of section 250  of  the  tax
law,  as  amended  by  section  1 of part Q of chapter 60 of the laws of
2004, is amended to read as follows:
  (b) Where all or part of the indebtedness secured  by  a  mortgage  of
real  property  within  any city in the state having a population of one
million or more has been paid and new funds are advanced or  re-advanced
which  are  to  be  secured by such mortgage, OR BY A NEW MORTGAGE WHICH
SECURES THE BALANCE OF INDEBTEDNESS REMAINING UNPAID  UNDER  THE  FORMER
MORTGAGE  PLUS  ALL  NEW  FUNDS ADVANCED OR RE-ADVANCED, the contract or
agreement by which such funds  are  advanced  or  re-advanced  shall  be
deemed  a  mortgage  of  real property for purposes of this article, and
shall be taxable as such upon the amount of such new funds, OR UPON  THE
DIFFERENCE  IN AMOUNTS BETWEEN THE TOTAL INDEBTEDNESS SECURED BY THE NEW
MORTGAGE AND THE REMAINING INDEBTEDNESS WHICH HAD BEEN  SECURED  BY  THE
FORMER  MORTGAGE,  except  as  otherwise provided in section two hundred
fifty-three-b of this article.
  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, and shall apply to the
calculation of amount of tax due on mortgages executed on and after such
date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07213-01-9

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.