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Assembly Bill A5350

2025-2026 Legislative Session

Exempts first-time homebuyers from the mortgage recording tax

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2025-A5350 (ACTIVE) - Details

See Senate Version of this Bill:
S4488
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §253, Tax L

2025-A5350 (ACTIVE) - Summary

Exempts first-time homebuyers from the mortgage recording tax.

2025-A5350 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5350
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 13, 2025
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to exempting  first-time  home-
   buyers from the mortgage recording tax
 
   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 WHERE  THE
 MORTGAGEE IS A FIRST-TIME HOMEBUYER. AS USED IN THIS SUBDIVISION "FIRST-
 TIME HOMEBUYER" MEANS A NATURAL PERSON WHO HAS NOT OWNED A PRIMARY RESI-
 DENTIAL PROPERTY AND IS NOT MARRIED TO A PERSON WHO HAS OWNED A RESIDEN-
 TIAL  PROPERTY  DURING  THE THREE-YEAR PERIOD PRIOR TO THEIR PURCHASE OF
 THE PRIMARY RESIDENTIAL PROPERTY, AND WHO DOES NOT  OWN  A  VACATION  OR
 INVESTMENT HOME.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 mortgages executed on and after such effective date.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08183-01-5

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