|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 17, 2013||referred to investigations and government operations|
senate Bill S2456
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2456 - Details
S2456 - Summary
Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality pursuant to article 11 of the tax law; directs commissioner of taxation and finance to establish qualifications and procedures for obtaining such exemption.
S2456 - Sponsor Memo
BILL NUMBER:S2456 TITLE OF BILL: An act to amend the tax law, in relation to an exemption from municipal mortgage tax for first time home buyers PURPOSE: To assist first time home buyers in purchasing a home by exempting them from the burden for the state mortgage recording tax imposed upon home purchases. SUMMARY OF PROVISIONS: The bill would add a new section 268 to the Tax Law to exempt first time home buyers from the state mortgage recording tax, where the residential property being mortgaged is the mortgagor's principal place of residence. EXISTING LAW: Article 11 of the Tax Law, "Tax on Mortgages", includes a state mortgage recording tax as well as several additional recording taxes imposed by political subdivisions within the state. JUSTIFICATION: One way of increasing access to first-time home ownership for families in New York State is to remove the added expense of state mortgage
S2456 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2456 2013-2014 Regular Sessions I N S E N A T E January 17, 2013 ___________ Introduced by Sen. LANZA -- 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 an exemption from municipal mortgage tax for first time home buyers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 268 to read as follows: S 268. EXEMPTION FOR FIRST TIME HOME BUYERS FROM MUNICIPAL MORTGAGE TAX. 1. EVERY MUNICIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX PURSUANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION FROM SUCH TAX WHERE THE MORTGAGOR IS A FIRST TIME HOME BUYER AND THE RESIDENCE BEING MORTGAGED IS INTENDED TO BE SAID MORTGAGOR'S PRINCIPAL PLACE OF RESIDENCE. 2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATION, PROOF AND PROCEDURE NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH AN EXEMPTION. 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. Effective immediate- ly, the commissioner of taxation and finance shall promulgate necessary and advisable rules and regulations for the implementation of this act. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02916-01-3
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