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Assembly Bill A202A

2011-2012 Legislative Session

Enacts the "homeowner mortgage refinance relief act"

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2011-A202 - Details

See Senate Version of this Bill:
S3869
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §253-y, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A1256
2013-2014: S457
2015-2016: S677
2017-2018: S1582
2019-2020: S3238
2021-2022: S5783

2011-A202 - Summary

Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.

2011-A202 - Bill Text download pdf 

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

                                   202

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

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

AN ACT to amend the tax law, in  relation  to  enacting  the  "bad  loan
  escape act"

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

  Section 1. Short title.  This act shall be known and may be  cited  as
the "bad loan escape act".
  S  2.  The tax law is amended by adding a new section 253-y to read as
follows:
  S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
CIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX  PURSU-
ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
AMOUNT  OF  THE  ORIGINAL  MORTGAGE FROM SUCH TAX WHERE THE MORTGAGOR IS
REFINANCING HIS OR HER REAL PROPERTY.
  2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
  S 3. This act shall take effect immediately; provided,  however,  that
effective immediately, the addition, amendment and/or repeal of any rule
or regulation necessary for the implementation of this act on its effec-
tive  date  are  authorized  and directed to be made and completed on or
before such effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01236-01-1

2011-A202A (ACTIVE) - Details

See Senate Version of this Bill:
S3869
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §253-y, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A1256
2013-2014: S457
2015-2016: S677
2017-2018: S1582
2019-2020: S3238
2021-2022: S5783

2011-A202A (ACTIVE) - Summary

Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.

2011-A202A (ACTIVE) - Bill Text download pdf 

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

                                 202--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
  tee on Ways and Means -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  tax law, in relation to enacting the "homeowner
  mortgage refinance relief act"

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

  Section  1.  Short title.  This act shall be known and may be cited as
the "homeowner mortgage refinance relief act".
  S 2. The tax law is amended by adding a new section 253-y to  read  as
follows:
  S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
CIPALITY  WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX PURSU-
ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
AMOUNT OF THE ORIGINAL MORTGAGE FROM SUCH TAX  WHERE  THE  MORTGAGOR  IS
REFINANCING HIS OR HER REAL PROPERTY.
  2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
  S  3.  This act shall take effect immediately; provided, however, that
effective immediately, the addition, amendment and/or repeal of any rule
or regulation necessary for the implementation of this act on its effec-
tive date are authorized and directed to be made  and  completed  on  or
before such effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01236-02-1

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