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Assembly Bill A3602

2013-2014 Legislative Session

Limits tax on refinanced mortgages to the difference between the indebtedness secured by the new mortgage and the remaining indebtedness secured on the former mortgage

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Archive: Last Bill Status - In Assembly Committee

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2013-A3602 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง250, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5389
2011-2012: A3396

2013-A3602 (ACTIVE) - Summary

Limits the tax imposed on refinanced mortgages to the difference between the total indebtedness secured by the new mortgage and the remaining indebtedness, which had been secured on the former mortgage.

2013-A3602 (ACTIVE) - Bill Text download pdf 

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

                                  3602

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2013
                               ___________

Introduced  by  M. of A. MAISEL, MILLER, STEVENSON -- Multi-Sponsored by
  -- M. of A. CROUCH, GOODELL, JACOBS -- read once and referred  to  the
  Committee on Ways and Means

AN  ACT to amend the tax law, in relation to limiting the tax imposed on
  refinanced mortgages to the difference between the total  indebtedness
  secured  by the new mortgage and the remaining indebtedness secured by
  the former mortgage

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

  Section  1.  Paragraph  (b) of subdivision 2 of section 250 of the tax
law, as amended by section 1 of part Q of chapter  60  of  the  laws  of
2004, is amended to read as follows:
  (b)  Where  all  or  part of the indebtedness secured by a mortgage of
real property within any city in the state having a  population  of  one
million  or more has been paid and new funds are advanced or re-advanced
which are to be secured by such mortgage, OR BY  A  NEW  MORTGAGE  WHICH
SECURES  THE  BALANCE  OF INDEBTEDNESS REMAINING UNPAID UNDER THE FORMER
MORTGAGE PLUS ALL NEW FUNDS ADVANCED OR  RE-ADVANCED,  the  contract  or
agreement  by  which  such  funds  are  advanced or re-advanced shall be
deemed a mortgage of real property for purposes  of  this  article,  and
shall  be taxable as such upon the amount of such new funds, OR UPON THE
DIFFERENCE IN AMOUNTS BETWEEN THE TOTAL INDEBTEDNESS SECURED BY THE  NEW
MORTGAGE  AND  THE  REMAINING INDEBTEDNESS WHICH HAD BEEN SECURED BY THE
FORMER MORTGAGE, except as otherwise provided  in  section  two  hundred
fifty-three-b of this article.
  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, and shall apply to the
calculation of amount of tax due on mortgages executed on and after such
date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07758-01-3

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