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Senate Bill S3851

2015-2016 Legislative Session

Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2015-S3851 (ACTIVE) - Details

See Assembly Version of this Bill:
A2989
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Add ยง268, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7062
2011-2012: S4370, A2005
2013-2014: S2456, A907
2017-2018: A5520
2019-2020: A4219
2021-2022: A8913
2023-2024: A2375

2015-S3851 (ACTIVE) - 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.

2015-S3851 (ACTIVE) - Sponsor Memo

2015-S3851 (ACTIVE) - Bill Text download pdf 

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

                                  3851

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 20, 2015
                               ___________

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.
                                                           LBD00860-01-5

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