Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to ways and means |
Apr 22, 2009 |
referred to ways and means |
Assembly Bill A7705
2009-2010 Legislative Session
Sponsored By
RIVERA P
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Philip Ramos
William Colton
Joan Millman
Jose Rivera
multi-Sponsors
Vivian Cook
Audrey Pheffer
Adam Clayton Powell IV
Robert Reilly
2009-A7705 (ACTIVE) - Details
2009-A7705 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7705 2009-2010 Regular Sessions I N A S S E M B L Y April 22, 2009 ___________ Introduced by M. of A. P. RIVERA, RAMOS, DIAZ, COLTON, MILLMAN, J. RIVERA, GREENE, BENEDETTO, MOLINARO, PERALTA, ALFANO, WALKER, ORTIZ, FINCH, ROBINSON, MAISEL, ESPAILLAT -- Multi-Sponsored by -- M. of A. COOK, PHEFFER, POWELL, 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: Section 1. Subdivision 2 of section 250 of the tax law is amended by adding a new paragraph (c) to read as follows: (C) SUCH TERM SHALL NOT INCLUDE ANY MORTGAGE OR DEED OF TRUST WHICH IMPOSES A LIEN ON OR AFFECTS THE TITLE TO REAL PROPERTY, WHEN SUCH MORT- GAGE OR DEED OF TRUST REPLACES A PREVIOUS MORTGAGE OR DEED OF TRUST: (I) RELATING TO THE SAME PARCEL OF REAL PROPERTY; (II) WHEN THE OWNERS OF SUCH REAL PROPERTY REMAIN THE SAME; AND (III) THE MORTGAGE OR DEED OF TRUST, WHICH WAS REPLACED, HAD AN ADJUSTABLE RATE OF INTEREST THAT WAS INITIALLY BELOW THE PRIME RATE. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02672-01-9
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