Bill Text: NY S03238 | 2019-2020 | General Assembly | Introduced


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: (Engrossed) 2019-03-20 - referred to ways and means [S03238 Detail]

Download: New_York-2019-S03238-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3238
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 5, 2019
                                       ___________
        Introduced  by  Sen.  COMRIE -- 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    §  2.  The tax law is amended by adding a new section 253-y to read as
     4  follows:
     5    § 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    § 3. This act shall take effect immediately.   Effective  immediately,
    14  the  addition,  amendment and/or repeal of any rule or regulation neces-
    15  sary for the implementation of  this  act  on  its  effective  date  are
    16  authorized to be made and completed on or before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06294-01-9
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