senate Bill S457

2013-2014 Legislative Session

Enacts the "homeowner mortgage refinance relief act"

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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

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

S457 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Add ยง253-y, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S3869

S457 - Summary

Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.

S457 - Sponsor Memo

S457 - Bill Text download pdf

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

                                   457

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  AVELLA -- 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  enacting  the  "homeowner
  mortgage refinance relief act"

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

  Section 1. Short title.  This act shall be known and may be  cited  as
the "homeowner mortgage refinance relief act".
  S  2.  The tax law is amended by adding a new section 253-y to read as
follows:
  S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
CIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX  PURSU-
ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
AMOUNT  OF  THE  ORIGINAL  MORTGAGE FROM SUCH TAX WHERE THE MORTGAGOR IS
REFINANCING HIS OR HER REAL PROPERTY.
  2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
  S 3. This act shall take effect immediately; provided,  however,  that
effective immediately, the addition, amendment and/or repeal of any rule
or regulation necessary for the implementation of this act on its effec-
tive  date  are  authorized  and directed to be made and completed on or
before such effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03418-01-3

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