Bill Text: NY A02557 | 2011-2012 | General Assembly | Introduced
Bill Title: Waives mortgage tax on the refinanced mortgage that replaces an adjustable rate mortgage initially offered at a sub-prime rate.
Spectrum: Moderate Partisan Bill (Democrat 14-2)
Status: (Introduced - Dead) 2012-09-04 - enacting clause stricken [A02557 Detail]
Download: New_York-2011-A02557-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2557
2011-2012 Regular Sessions
I N A S S E M B L Y
January 19, 2011
___________
Introduced by M. of A. P. RIVERA, RAMOS, J. RIVERA, MAISEL, COLTON,
BENEDETTO, ORTIZ, MILLMAN, MOLINARO, FINCH, ROBINSON -- Multi-Spon-
sored by -- M. of A. COOK, PHEFFER, REILLY, N. RIVERA, THIELE -- read
once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to exempting from the tax on
mortgages, any mortgage which replaces an adjustable rate mortgage
which initially had a rate of interest below the prime rate
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 2 of section 250 of the tax law is amended by
2 adding a new paragraph (c) to read as follows:
3 (C) SUCH TERM SHALL NOT INCLUDE ANY MORTGAGE OR DEED OF TRUST WHICH
4 IMPOSES A LIEN ON OR AFFECTS THE TITLE TO REAL PROPERTY, WHEN SUCH MORT-
5 GAGE OR DEED OF TRUST REPLACES A PREVIOUS MORTGAGE OR DEED OF TRUST:
6 (I) RELATING TO THE SAME PARCEL OF REAL PROPERTY;
7 (II) WHEN THE OWNERS OF SUCH REAL PROPERTY REMAIN THE SAME; AND
8 (III) THE MORTGAGE OR DEED OF TRUST, WHICH WAS REPLACED, HAD AN
9 ADJUSTABLE RATE OF INTEREST THAT WAS INITIALLY BELOW THE PRIME RATE.
10 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00415-01-1
