Senate Bill S5970

2013-2014 Legislative Session

Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in hurricane Sandy

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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

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2013-S5970 (ACTIVE) - Details

See Assembly Version of this Bill:
A8274
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §252, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: S3731, A7499
2017-2018: S3310, A3585
2019-2020: S1756
2021-2022: S4919
2023-2024: S4215

2013-S5970 (ACTIVE) - Summary

Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of their prior residence destroyed in hurricane Sandy.

2013-S5970 (ACTIVE) - Sponsor Memo

2013-S5970 (ACTIVE) - Bill Text download pdf

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

                                  5970

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            October 25, 2013
                               ___________

Introduced  by  Sens.  LANZA, AVELLA, KLEIN, SAVINO, SMITH -- read twice
  and ordered printed, and when printed to be committed to the Committee
  on Rules

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
              

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