| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 05, 2022 |
referred to investigations and government operations |
| Feb 18, 2021 |
referred to investigations and government operations |
Senate Bill S4919
2021-2022 Legislative Session
Sponsored By
(R, C) 24th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
2021-S4919 (ACTIVE) - Details
2021-S4919 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4919
SPONSOR: LANZA
TITLE OF BILL:
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
PURPOSE:
Exempts mortgages of residential real property from taxation when prop-
erty is purchased by owners receiving state or federal buyout of prior
residence destroyed in hurricane Sandy
SUMMARY OF PROVISIONS:
Section 1 amends the opening paragraph of section 252 of the tax law is
designated subdivision 1 and a new subdivision 2 is added. Section 2 is
2021-S4919 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4919
2021-2022 Regular Sessions
I N S E N A T E
February 18, 2021
___________
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.
LBD06369-01-1
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