|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 09, 2013||referred to investigations and government operations|
senate Bill S1245
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1245 - Details
S1245 - Sponsor Memo
BILL NUMBER:S1245 TITLE OF BILL: An act to amend the tax law, in relation to the credit for serving certain mortgages PURPOSE: This bill would amend Section 1456(a) of the Tax Law to allow a bank who acquires mortgages in connection with any State of New York Mortgage Agency program for the sale of the mortgage to the Federal National Mortgage Association or transfer of the mortgage for a security issued by the Federal National Mortgage Association to have credited to the bank certain amounts annually to apply upon or in lieu of the payment of any tax to which it may be subject under Section 1456(a) of the Tax Law. SUMMARY OF PROVISIONS: Section 1 of the bill amends Section 1456(a) of the Tax Law to provide that the tax credit available to banks that service mortgages of the State of New York Mortgage Agency shall be available in cases where the mortgages are acquired by the servicing bank for the sale of the mortgage to the Federal National Mortgage Association or transfer of the mortgage for a security issued by the Federal National Mortgage Association.
S1245 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1245 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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