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Senate Bill S5620

2025-2026 Legislative Session

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

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Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee

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2025-S5620 (ACTIVE) - Details

See Assembly Version of this Bill:
A5487
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §253, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S7638, A7847

2025-S5620 (ACTIVE) - Summary

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

2025-S5620 (ACTIVE) - Sponsor Memo

2025-S5620 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5620
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 26, 2025
                                ___________
 
 Introduced  by  Sen.  ASHBY  -- 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 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.
                                                            LBD05422-01-5

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