Assembly Bill A3396

2011-2012 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 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

co-Sponsors

multi-Sponsors

2011-A3396 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง250, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5389
2013-2014: A3602

2011-A3396 (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.

2011-A3396 (ACTIVE) - Bill Text download pdf 

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

                                  3396

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 25, 2011
                               ___________

Introduced by M. of A. MAISEL -- read once and referred to the Committee
  on Ways and Means

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.
                                                           LBD06389-01-1

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.