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Senate Bill S7638

2023-2024 Legislative Session

Exempts from the mortgage recording tax mortgages executed by a veteran first time homebuyer

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Sponsored By

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

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2023-S7638 (ACTIVE) - Details

See Assembly Version of this Bill:
A7847
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §253, Tax L
Versions Introduced in 2025-2026 Legislative Session:
S5620, A5487

2023-S7638 (ACTIVE) - Summary

Exempts from the mortgage recording tax mortgages executed by a veteran first time homebuyer.

2023-S7638 (ACTIVE) - Sponsor Memo

2023-S7638 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7638
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              August 18, 2023
                                ___________
 
 Introduced  by  Sen.  ASHBY  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to exempting from the  mortgage
   recording tax mortgages executed by a veteran first time homebuyer
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 253 of the tax law  is  amended  by  adding  a  new
 subdivision 4 to read as follows:
   4.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW TO THE CONTRARY, THE
 MORTGAGE RECORDING TAX SHALL NOT BE IMPOSED UPON ANY  MORTGAGE  EXECUTED
 BY  A  VETERAN, AS DEFINED IN SECTION ONE OF THE VETERANS' SERVICES LAW,
 WHO IS A FIRST TIME HOMEBUYER.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11797-01-3

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