S T A T E   O F   N E W   Y O R K
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                                  5770

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 28, 2011
                               ___________

Introduced  by M. of A. TOBACCO -- read once and referred to the Commit-
  tee on Ways and Means

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
ELEVEN, 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 ELEVEN, 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 ELEVEN, an additional tax of  twenty-five  cents  for  counties
outside of the metropolitan commuter transportation district, as defined
pursuant  to  section twelve hundred sixty-two of the public authorities

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02785-01-1
              

A. 5770                             2

law, and thirty cents for counties  within  such  metropolitan  commuter
transportation  district for each one hundred dollars and each remaining
major fraction thereof of principal debt  or  obligation  which  is,  or
under any contingency may be secured at the date of execution thereof or
at  any time thereafter by such mortgage, saving and excepting the first
ten thousand dollars of such principal debt or obligation in any case in
which the related mortgage is of real property principally  improved  or
to  be  improved  by a one or two family residence or dwelling.  All the
provisions of this article shall apply with respect  to  the  additional
tax imposed by this subdivision to the same extent as if it were imposed
by  the  said  subdivision  one  of  this  section,  except as otherwise
expressly provided in this article. The imposition  of  this  additional
tax  on  mortgages  recorded  in  a county outside the city of New York,
other than one of the counties from time to time comprising  the  metro-
politan commuter transportation district, the Niagara Frontier transpor-
tation  district,  the  Rochester-Genesee  transportation  district, the
capital  district  transportation  district  or  the  central  New  York
regional transportation district may be suspended for a specified period
of  time  or  without limitation as to time by a local law, ordinance or
resolution duly adopted by the local legislative body of such county.
  S 3. This act shall take effect immediately.