Senate Bill S457

2013-2014 Legislative Session

Enacts the "homeowner mortgage refinance relief act"

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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2013-S457 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add ยง253-y, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3869
2015-2016: S677
2017-2018: S1582
2019-2020: S3238
2021-2022: S5783

2013-S457 (ACTIVE) - Summary

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.

2013-S457 (ACTIVE) - Sponsor Memo

2013-S457 (ACTIVE) - Bill Text download pdf 

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

                                   457

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen.  AVELLA -- 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:

  Section 1. Short title.  This act shall be known and may be  cited  as
the "homeowner mortgage refinance relief act".
  S  2.  The tax law is amended by adding a new section 253-y to read as
follows:
  S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
CIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX  PURSU-
ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
AMOUNT  OF  THE  ORIGINAL  MORTGAGE FROM SUCH TAX WHERE THE MORTGAGOR IS
REFINANCING HIS OR HER REAL PROPERTY.
  2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
  S 3. This act shall take effect immediately; provided,  however,  that
effective immediately, the addition, amendment and/or repeal of any rule
or regulation necessary for the implementation of this act on its effec-
tive  date  are  authorized  and directed 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.
                                                           LBD03418-01-3

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