Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to ways and means |
May 28, 2009 |
referred to ways and means |
Assembly Bill A8572
2009-2010 Legislative Session
Sponsored By
LOPEZ V
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
2009-A8572 (ACTIVE) - Details
2009-A8572 (ACTIVE) - Sponsor Memo
BILL NUMBER:A8572 TITLE OF BILL: An act to amend the tax law, in relation to the credit for serving certain mortgages Purpose: This bill would amend Section 1456(a) of the Tax Law to allow a bank who acquires mortgages in connection with any State of New York Mortgage Agency program for the sale of the mortgage to the Federal National Mortgage Association or transfer of the mortgage for a security issued by the Federal National Mortgage Association to have credited to the bank certain amounts annually to apply upon or in lieu of the payment of any tax to which it may be subject under Section 1456(a) of the Tax Law. Summary of Provisions: Section 1 of the bill amends Section 1456(a) of the Tax Law to provide that the tax credit available to banks that service mortgages of the State of New York Mortgage Agency shall be available in cases where the mortgages are acquired by the servicing bank for the sale of the mortgage to the Federal National Mortgage Asso- ciation or transfer of the mortgage for a security issued by the Federal National Mortgage Association. Section 2 of the bill provides for an immediate effective date. Existing Law: Section 1456(a) of the Tax Law provides that banks which shall have entered into a contract with the state of New York mortgage
2009-A8572 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8572 2009-2010 Regular Sessions I N A S S E M B L Y May 28, 2009 ___________ Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to the credit for serving certain mortgages THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 1456 of the tax law, as added by chapter 167 of the laws of 1972, is amended to read as follows: (a) Credit for servicing certain mortgages. Every bank, as defined in section two thousand four hundred two of the public authorities law, which shall have entered into a contract with the state of New York mortgage agency to service mortgages acquired by such agency pursuant to the state of New York mortgage agency act OR MORTGAGES ACQUIRED BY A BANK IN CONNECTION WITH ANY PROGRAM OF THE AGENCY, FOR SALE TO OR TRANS- FER IN EXCHANGE FOR A MORTGAGE BACKED SECURITY TO BE ISSUED BY THE FEDERAL NATIONAL MORTGAGE ASSOCIATION, shall have credited to it annual- ly to apply upon or in lieu of the payment of any tax to which it may be subject under this article an amount equal to two and ninety-three one hundredths percentum of the total principal and interest collected by the bank during its taxable year on each such mortgage secured by a lien on real estate improved by a one-family to four-family residential structure and an amount equal to the interest collected by the bank during its taxable year on each such mortgage secured by a lien on real property improved by a structure occupied as the residence of five or more families living independently of each other, multiplied by a frac- tion the denominator of which shall be the interest rate payable on the mortgage (computed to five decimal places) and the numerator of which shall be .00125 in the case of such a mortgage acquired by such agency for less than one million dollars, and .00100 in the case of such a mortgage acquired by such agency for one million dollars or more; provided, however, that there shall in no case be credited to any such EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14068-02-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.