| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 05, 2025 |
referred to investigations and government operations |
Senate Bill S4488
2025-2026 Legislative Session
Sponsored By
(D, WF) 40th Senate District
Current Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
co-Sponsors
(D) 14th Senate District
2025-S4488 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5350
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §253, Tax L
2025-S4488 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4488
SPONSOR: HARCKHAM
TITLE OF BILL:
An act to amend the tax law, in relation to exempting first-time home-
buyers from the mortgage recording tax
SUMMARY OF PROVISIONS:
Section 1 establishes: Notwithstanding any other provision of law to the
contrary, the mortgage recording tax shall not be imposed upon any mort-
gage where the mortgagee is a first-time homebuyer. An individual who is
a first-time homebuyer, will not have to pay the mortgage recording tax
when they take out a mortgage upon purchasing.
JUSTIFICATION:
This legislation is vital in addressing significant financial impacts on
first-time homebuyers. According to the Office of New York State Comp-
troller "National homeownership rates declined steadily from 69.1
percent in the first quarter of 2005 to a low of 62.9 percent in the
2025-S4488 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4488
2025-2026 Regular Sessions
I N S E N A T E
February 5, 2025
___________
Introduced by Sen. HARCKHAM -- 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 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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