Bill Text: NY A04219 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides exemption for first time home buyers from a mortgage or recording tax imposed by a municipality pursuant to article 11 of the tax law; directs commissioner of taxation and finance to establish qualifications and procedures for obtaining such exemption.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A04219 Detail]

Download: New_York-2019-A04219-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4219
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 1, 2019
                                       ___________
        Introduced  by  M. of A. WEPRIN, VANEL -- Multi-Sponsored by -- M. of A.
          SCHIMMINGER -- read once and referred to the  Committee  on  Ways  and
          Means
        AN  ACT to amend the tax law, in relation to an exemption from municipal
          mortgage tax for first time home buyers
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. The tax law is amended by adding a new section 268 to read
     2  as follows:
     3    § 268. Exemption for first time home buyers  from  municipal  mortgage
     4  tax.  1.  Every  municipality  which has enacted a local mortgage tax or
     5  recording tax pursuant to the provisions of this article shall grant  an
     6  exemption  from  such tax where the mortgagor is a first time home buyer
     7  and the residence being mortgaged is intended  to  be  said  mortgagor's
     8  principal place of residence.
     9    2. The commissioner shall promulgate necessary and advisable rules and
    10  regulations  to establish grounds for qualification, proof and procedure
    11  necessary for a mortgagor to obtain such an exemption.
    12    § 2. This act shall take effect on the first of January next  succeed-
    13  ing  the date on which it shall have become a law.  Effective immediate-
    14  ly, the commissioner of taxation and finance shall promulgate  necessary
    15  and advisable rules and regulations for the implementation of this act.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08438-01-9