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Assembly Bill A5520

2017-2018 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 Assembly Committee

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2017-A5520 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §268, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7062
2011-2012: A2005
2013-2014: A907
2015-2016: A2989
2019-2020: A4219
2021-2022: A8913
2023-2024: A2375

2017-A5520 (ACTIVE) - Summary

Provides exemption for first time home buyers 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.

2017-A5520 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5520
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 9, 2017
                                ___________
 
 Introduced  by M. of A. WEPRIN, LUPINACCI, SKOUFIS -- Multi-Sponsored by
   -- M. of A.  SCHIMMINGER -- read once and referred to the Committee on
   Ways and Means
 
 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:
   §  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.
   §  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.
                                                            LBD09477-01-7

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