Assembly Bill A4219

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2019-A4219 (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
2017-2018: A5520
2021-2022: A8913
2023-2024: A2375

2019-A4219 (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.

2019-A4219 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4219
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2019
                                ___________
 
 Introduced  by  M. of A. WEPRIN, VANEL -- 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.
                                                            LBD08438-01-9

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