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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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2014 referred to ways and means
delivered to assembly
passed senate
Jun 02, 2014 advanced to third reading
May 29, 2014 2nd report cal.
May 28, 2014 1st report cal.972
Jan 08, 2014 referred to investigations and government operations
Oct 25, 2013 referred to rules

Votes

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May 28, 2014 - Investigations and Government Operations committee Vote

S5970
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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Investigations and Government Operations Committee Vote: May 28, 2014

Co-Sponsors

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S5970 - Bill Details

See Assembly Version of this Bill:
A8274
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง252, Tax L

S5970 - Bill Texts

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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.

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BILL NUMBER:S5970

TITLE OF BILL: 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

PURPOSE: 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

SUMMARY OF PROVISIONS:

Section 1 amends the opening paragraph of section 252 of the tax law
is designated subdivision 1 and a new subdivision 2 is added. Section
2 is the effective date.

JUSTIFICATION: In the wake of Hurricane Sandy, an effort has been
undertaken to ensure that shoreline protections are implemented. In
some cases it has been determined, in consultation with residents,
that certain homes and communities will be eligible for a buyout of
their property, with the intent of providing for better storm
protections and a more resilient housing stock in the future. In many
cases where a homeowner does make the difficult decision to leave the
home and community they have known for years, they will then seek to
purchase a new home. In these cases, the fees assessed through the
state and local mortgage recording taxes should be waived when
securing a mortgage for a new home. In some instances, homeowners have
secured a new home, with a mortgage, while waiting for the buyout
process to proceed. These residents currently are mandated to pay the
mortgage recording tax. This measure allows an exemption for 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.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: Undetermined.

EFFECTIVE, DATE: 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.

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                    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

S. 5970                             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.

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