Bill Text: NY A00202 | 2011-2012 | General Assembly | Amended

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Bill Title: Enacts the "homeowner mortgage refinance relief act"; exempts from a local mortgage tax or recording tax mortgagors who are refinancing real property; provides that the commissioner shall promulgate rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such an exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A00202 Detail]

Download: New_York-2011-A00202-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        202--A
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
         tee on Ways and Means -- committee discharged, bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to  amend  the  tax law, in relation to enacting the "homeowner
         mortgage refinance relief act"
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Short title.  This act shall be known and may be cited as
    2  the "homeowner mortgage refinance relief act".
    3    S 2. The tax law is amended by adding a new section 253-y to  read  as
    4  follows:
    5    S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
    6  CIPALITY  WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX PURSU-
    7  ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
    8  AMOUNT OF THE ORIGINAL MORTGAGE FROM SUCH TAX  WHERE  THE  MORTGAGOR  IS
    9  REFINANCING HIS OR HER REAL PROPERTY.
   10    2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
   11  REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
   12  NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
   13    S  3.  This act shall take effect immediately; provided, however, that
   14  effective immediately, the addition, amendment and/or repeal of any rule
   15  or regulation necessary for the implementation of this act on its effec-
   16  tive date are authorized and directed to be made  and  completed  on  or
   17  before such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01236-02-1