S T A T E   O F   N E W   Y O R K
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                                  8274

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            November 20, 2013
                               ___________

Introduced by M. of A. CUSICK, BORELLI, MALLIOTAKIS, TITONE -- read once
  and referred to the Committee on Ways and Means

AN  ACT  to amend the tax law, in relation to granting an exemption from
  the tax on  mortgages  for  residential  real  property  purchased  by
  persons receiving federal and/or state buyouts of their residence as a
  result  of  damage  caused  by hurricane Sandy in October of 2012; and
  providing for the repeal of such provisions upon expiration thereof

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

  Section  1.  The  opening  paragraph  of section 252 of the tax law is
designated subdivision 1 and a new subdivision 2 is  added  to  read  as
follows:
  2.  (A)  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBDIVISION ONE OF THIS
SECTION, THE GOVERNING BODY OF ANY MUNICIPALITY ACTING THROUGH ITS LOCAL
LEGISLATIVE BODY OR OTHER GOVERNING AGENCY,  IS  HEREBY  AUTHORIZED  AND
EMPOWERED TO ADOPT AND AMEND LOCAL LAWS OR ORDINANCES TO EXEMPT FROM THE
TAXES IMPOSED BY THIS ARTICLE THE MORTGAGE OF RESIDENTIAL REAL PROPERTY,
WHEN  SUCH  REAL PROPERTY IS PURCHASED AND IS TO BE OCCUPIED BY AN OWNER
OR OWNERS WHO HAVE RECEIVED, OR FOR WHOM A FINAL DETERMINATION HAS  BEEN
MADE  AND  WILL  RECEIVE,  FEDERALLY AND/OR STATE FUNDED BUYOUTS OF SUCH
OWNER OR OWNERS' PREVIOUS RESIDENTIAL REAL PROPERTY WHICH WAS DAMAGED OR
DESTROYED AS A RESULT OF HURRICANE SANDY DURING OCTOBER OF TWO  THOUSAND
TWELVE.
  (B)  ANY  PERSON  WHO AFTER OCTOBER TWENTY-SECOND, TWO THOUSAND TWELVE
AND BEFORE THE EFFECTIVE DATE OF THIS SUBDIVISION, WHO  WOULD  OTHERWISE
QUALIFY  UNDER  PARAGRAPH  (A) OF THIS SUBDIVISION, AND WHO HAS PAID ANY
TAXES IMPOSED BY THIS ARTICLE, SHALL BE ENTITLED TO RECEIVE A REIMBURSE-
MENT OF ALL SUCH TAXES PAID FROM THE COUNTY CLERK OR COUNTY TREASURER OF
THE RESPECTIVE COUNTY WHERE SUCH TAXES WERE PAID IN THE SAME  MANNER  AS
PROVIDED IN SECTION TWO HUNDRED FIFTY-SEVEN-A OF THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11891-02-3

              

A. 8274                             2

  S  2.  This act shall take effect immediately; provided, however, that
the provisions of this act and all local  laws  and  ordinances  adopted
pursuant  to  its  authority  shall expire and be deemed repealed on and
after January 1, 2016.