|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 20, 2019||referred to ways and means|
delivered to assembly
|Mar 04, 2019||advanced to third reading|
|Feb 28, 2019||2nd report cal.|
|Feb 27, 2019||1st report cal.177|
|Feb 05, 2019||referred to investigations and government operations|
senate Bill S3238
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3238 (ACTIVE) - Details
S3238 (ACTIVE) - Summary
Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.
S3238 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3238 SPONSOR: COMRIE TITLE OF BILL: An act to amend the tax law, in relation to enacting the "homeowner mortgage refinance relief act" PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to eliminate the double taxation which occurs when the mortgage recording tax is applied to refinancing so that homeowners who need to refinance a home loan which they can no longer afford in order to avoid foreclosure are not required to pay a second mortgage recording tax usually amounting to thousands of dollars. SUMMARY OF PROVISIONS: This bill amends the Tax Law by adding a new section 253-y, which would exempt refinancing from the mortgage recording tax, up to the amount of the original loan.
S3238 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3238 2019-2020 Regular Sessions I N S E N A T E February 5, 2019 ___________ Introduced by Sen. COMRIE -- 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 enacting the "homeowner mortgage refinance relief act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "homeowner mortgage refinance relief act". § 2. The tax law is amended by adding a new section 253-y to read as follows: § 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1. EVERY MUNI- CIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX PURSU- ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE AMOUNT OF THE ORIGINAL MORTGAGE FROM SUCH TAX WHERE THE MORTGAGOR IS REFINANCING HIS OR HER REAL PROPERTY. 2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION. § 3. This act shall take effect immediately. Effective immediately, the addition, amendment and/or repeal of any rule or regulation neces- sary for the implementation of this act on its effective date are authorized to be made and completed on or before such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06294-01-9
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