senate Bill S1774

2011-2012 Legislative Session

Relates to the credit for servicing certain mortgages

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 12, 2011 referred to investigations and government operations

S1774 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง1456, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S5997

S1774 - Summary

Relates to the credit for servicing certain mortgages.

S1774 - Sponsor Memo

S1774 - Bill Text download pdf

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

                                  1774

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 12, 2011
                               ___________

Introduced  by  Sen. PERKINS -- 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  the  credit  for  serving
  certain mortgages

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

  Section 1. Subsection (a) of section 1456 of the tax law, as added  by
chapter 167 of the laws of 1972, is amended to read as follows:
  (a)  Credit for servicing certain mortgages. Every bank, as defined in
section two thousand four hundred two of  the  public  authorities  law,
which  shall  have  entered  into  a contract with the state of New York
mortgage agency to service mortgages acquired by such agency pursuant to
the state of New York mortgage agency act OR  MORTGAGES  ACQUIRED  BY  A
BANK IN CONNECTION WITH ANY PROGRAM OF THE AGENCY, FOR SALE TO OR TRANS-
FER  IN  EXCHANGE  FOR  A  MORTGAGE  BACKED SECURITY TO BE ISSUED BY THE
FEDERAL NATIONAL MORTGAGE ASSOCIATION, shall have credited to it annual-
ly to apply upon or in lieu of the payment of any tax to which it may be
subject under this article an amount equal to two and  ninety-three  one
hundredths  percentum  of  the total principal and interest collected by
the bank during its taxable year on each such mortgage secured by a lien
on real estate improved  by  a  one-family  to  four-family  residential
structure  and  an  amount  equal  to the interest collected by the bank
during its taxable year on each such mortgage secured by a lien on  real
property  improved  by  a structure occupied as the residence of five or
more families living independently of each other, multiplied by a  frac-
tion  the denominator of which shall be the interest rate payable on the
mortgage (computed to five decimal places) and the  numerator  of  which
shall  be  .00125 in the case of such a mortgage acquired by such agency
for less than one million dollars, and .00100 in  the  case  of  such  a
mortgage  acquired  by  such  agency  for  one  million dollars or more;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06751-01-1

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