Senate Bill S3310

2017-2018 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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Sponsored By

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

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2017-S3310 - Details

See Assembly Version of this Bill:
A3585
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §252, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5970, A8274
2015-2016: S3731, A7499
2019-2020: S1756
2021-2022: S4919
2023-2024: S4215

2017-S3310 - Summary

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.

2017-S3310 - Sponsor Memo

2017-S3310 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3310
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2017
                                ___________
 
 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 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. Section 252 of the tax law  is  amended  by  adding  a  new
 subdivision 3 to read as follows:
   (3)  (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.
                                                            LBD00471-01-7

co-Sponsors

2017-S3310A (ACTIVE) - Details

See Assembly Version of this Bill:
A3585
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §252, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5970, A8274
2015-2016: S3731, A7499
2019-2020: S1756
2021-2022: S4919
2023-2024: S4215

2017-S3310A (ACTIVE) - Summary

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.

2017-S3310A (ACTIVE) - Sponsor Memo

2017-S3310A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3310--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2017
                                ___________
 
 Introduced  by  Sens.  LANZA, CARLUCCI, GOLDEN -- read twice and ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations and Government Operations -- recommitted to the  Committee  on
   Investigations  and  Government  Operations  in accordance with Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 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.  Section  252  of  the  tax law is amended by adding a new
 subdivision 3 to read as follows:
   (3) (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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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