Senate Bill S609

2009-2010 Legislative Session

Provides for the termination of the state mortgage recording tax

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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2009-S609 (ACTIVE) - Details

See Assembly Version of this Bill:
A2430
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง253, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A5770
2013-2014: A4533
2015-2016: A6106

2009-S609 (ACTIVE) - Summary

Provides for the termination of the state mortgage recording tax.

2009-S609 (ACTIVE) - Sponsor Memo

2009-S609 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   609

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             January 9, 2009
                               ___________

Introduced  by  Sen.  LANZA  -- 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 terminating the state  mort-
  gage recording tax

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 253 of the tax law, as amended  by
chapter 350 of the laws of 1969, is amended to read as follows:
  1.  A tax of fifty cents for each one hundred dollars and each remain-
ing major fraction thereof of principal debt or obligation which is,  or
under any contingency may be secured at the date of the execution there-
of  or  at  any  time thereafter by a mortgage on real property situated
within the state recorded on or after the first day  of  July,  nineteen
hundred  [and]  six  AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND
NINE, is hereby imposed on each such mortgage, and  shall  be  collected
and  paid  as  provided  in this article. If the principal debt or obli-
gation which is or by any contingency may be secured  by  such  mortgage
recorded on or after the first day of July, nineteen hundred [and] seven
AND  BEFORE  THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE, is less than
one hundred dollars, a tax of fifty cents  is  hereby  imposed  on  such
mortgage, and shall be collected and paid as provided in this article.
  S  2. Paragraph (a) of subdivision 2 of section 253 of the tax law, as
amended by section 2 of part A of chapter 63 of the  laws  of  2005,  is
amended to read as follows:
  (a)  In addition to the taxes imposed by subdivisions one and one-a of
this section, there shall be imposed on each mortgage of  real  property
situated  within  the  state recorded on or after the first day of July,
nineteen hundred sixty-nine AND BEFORE THE FIRST DAY OF  SEPTEMBER,  TWO
THOUSAND  NINE,  an  additional  tax  of  twenty-five cents for counties
outside of the metropolitan commuter transportation district, as defined

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04031-01-9

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