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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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| Jan 03, 2018 |
referred to investigations and government operations |
| Jan 10, 2017 |
referred to investigations and government operations |
Senate Bill S1582
2017-2018 Legislative Session
Sponsored By
(D) Senate District
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
Actions
2017-S1582 (ACTIVE) - Details
2017-S1582 (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.
2017-S1582 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1582
TITLE OF BILL :
An act to amend the tax law, in relation to enacting the "homeowner
mortgage refinance relief act"
PURPOSE OR GENERAL IDEA OF BILL :
The purpose of this bill is to eliminate the double taxation which
occurs when the mortgage recording tax is applied to refinancing so
that homeowners who need to refinance a home loan which they can no
longer afford in order to avoid foreclosure are not required to pay a
second mortgage recording tax usually amounting to thousands of
dollars.
SUMMARY OF PROVISIONS :
This bill amends the Tax Law by adding a new section 253-y, which
would exempt refinancing from the mortgage recording tax, up to the
amount of the original loan.
JUSTIFICATION :
Since the financial crisis of 2002, homeowners have been faced with
extreme financial hardship on various fronts including significant
2017-S1582 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1582
2017-2018 Regular Sessions
I N S E N A T E
January 10, 2017
___________
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".
§ 2. The tax law is amended by adding a new section 253-y to read as
follows:
§ 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.
§ 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.
LBD00610-01-7
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