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Senate Bill S5536

2015-2016 Legislative Session

Relates to the facilitation of mortgage refinancing

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2015-S5536 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง255, Tax L

2015-S5536 (ACTIVE) - Summary

Relates to the facilitation of mortgage refinancing.

2015-S5536 (ACTIVE) - Sponsor Memo

2015-S5536 (ACTIVE) - Bill Text download pdf 

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

                                  5536

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN  ACT to amend the tax law, in relation to facilitating mortgage refi-
  nancing

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

  Section  1.  Paragraph  (c) of subdivision 1 of section 255 of the tax
law is relettered paragraph (d) and a new paragraph (c) is added to read
as follows:
  (C) NOTWITHSTANDING ANY OTHER PROVISION OF  THIS  SUBDIVISION  IF  THE
DEBT  EVIDENCED  OR  SECURED BY AN INSTRUMENT OR MORTGAGE IS REFINANCED,
UPON WHICH ALL RECORDING TAXES DUE AND PAYABLE HAVE BEEN PAID, AND  UPON
THE  PAYOFF  OF  THE  EXISTING  DEBT  A  SATISFACTION  IS INTENDED TO BE
RECORDED; THEN, UPON THE RECORDING OF A NEW MORTGAGE TO THE SAME OBLIGER
OR OBLIGERS, SUCH NEW INSTRUMENT OR MORTGAGE MAY BE RECORDED WITHOUT THE
PAYMENT OF ANY NEW OR ADDITIONAL TAXATION UNDER THIS ARTICLE  UP  TO  AN
AMOUNT  EQUAL TO THE UNPAID PRINCIPAL BALANCE OF THE EXISTING DEBT BEING
SATISFIED SIMULTANEOUSLY THEREWITH, AND A TAX UNDER SECTION TWO  HUNDRED
FIFTY-THREE  OF  THIS  ARTICLE  WILL  ONLY BE IMPOSED UPON ANY AMOUNT IN
EXCESS OF THE UNPAID PRINCIPAL BALANCE OF THE EXISTING DEBT.
  S 2. Subdivision 2 of section 255 of the tax law, as amended by  chap-
ter 409 of the laws of 1986, is amended to read as follows:
  2.  (a) (I) If, at the time of recording such instrument or additional
mortgage, any exemption is claimed under this section,  there  shall  be
filed with the recording officer and preserved in his office a statement
under  oath of the facts on which such claim for exemption is based. The
determination of the recording officer upon the  question  of  exemption
shall be reviewable by the [tax commission] DEPARTMENT.
  (II)  IF  AT  THE  TIME  OF  RECORDING A NEW INSTRUMENT OR MORTGAGE AS
PROVIDED FOR IN PARAGRAPH (C) OF SUBDIVISION ONE OF  THIS  SECTION,  ANY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11161-01-5

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