Bill Text: NY S00677 | 2015-2016 | General Assembly | Introduced

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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) 2016-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00677 Detail]

Download: New_York-2015-S00677-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          677
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       Introduced  by  Sen.  AVELLA -- 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  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.
                                                                  LBD00440-01-5