Assembly Bill A6886

2019-2020 Legislative Session

Enacts the "homeowner mortgage refinance relief act"

download bill text pdf

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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

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2019-A6886 (ACTIVE) - Details

See Senate Version of this Bill:
S3238
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §253-y, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3869
2013-2014: S457
2015-2016: S677
2017-2018: S1582
2021-2022: A3075, S5783

2019-A6886 (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.

2019-A6886 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6886
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2019
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Ways and Means
 
 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.  Effective immediately,
 the addition, amendment and/or repeal of any rule or  regulation  neces-
 sary  for  the  implementation  of  this  act  on its effective date are
 authorized 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.
                                                            LBD06294-01-9

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