NY State Senate Bill 2023-S4215

Senate Bill S4215

2023-2024 Legislative Session

Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in hurricane Sandy

download bill text pdf

Current 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to investigations and government operations
Feb 06, 2023	referred to investigations and government operations

2023-S4215 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §252, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5970
2015-2016: S3731
2017-2018: S3310
2019-2020: S1756
2021-2022: S4919

2023-S4215 (ACTIVE) - Summary

Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of their prior residence destroyed in hurricane Sandy.

2023-S4215 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4215

SPONSOR: LANZA
 
TITLE OF BILL:

An act to amend the tax law, in relation to granting an exemption from
the tax on mortgages for residential real property purchased by persons
receiving federal and/or state buyouts of their residence as a result of
damage caused by hurricane Sandy in October of 2012; and providing for
the repeal of such provisions upon expiration thereof

 
PURPOSE:

Exempts mortgages of residential real property from taxation when prop-
erty is purchased by owners receiving state or federal buyout of prior
residence destroyed in hurricane Sandy

 
SUMMARY OF PROVISIONS:

Section 1 amends the opening paragraph of section 252 of the tax law is
designated subdivision 1 and a new subdivision 2 is added. Section 2 is
the effective date.

 
JUSTIFICATION:

In the wake of Hurricane Sandy, an effort has been undertaken to ensure
that shoreline protections are implemented. In some cases it has been
determined, in consultation with residents, that certain homes and
communities will be eligible for a buyout of their property, with the
intent of providing for better storm protections and a more resilient
housing stock in the future. In many cases where a homeowner does make
the difficult decision to leave the home and community they have known
for years, they will then seek to purchase a new home. In these cases,
the fees assessed through the state and local mortgage recording taxes
should be waived when securing a mortgage for a new home. In some
instances, homeowners have secured a new home, with a mortgage, while
waiting for the buyout process to proceed. These residents currently are
mandated to pay the mortgage recording tax. This measure allows an
exemption for mortgages of residential real property from taxation when
property is purchased by owners receiving state or federal buyout of
prior residence destroyed in Hurricane Sandy.

 
LEGISLATIVE HISTORY:

2022: S.4919 - Referred to Investigations

2021: S.4919 - Referred to Investigations

2020: S.1756 - Referred to Investigations

2019: S.1756 - Referred to Investigations

2018: S.3310 - Referred to Investigations/A.3585 - Referred to
Ways&Means

2017: S.3310-Passed Senate/A.3585 - Referred to Ways & Means

2016: S.3731-Passed Senate/A.7499 - Referred to Ways & Means

2015: S.3731-Passed Senate/A.7499 - Referred to Ways & Means

 
FISCAL IMPLICATIONS:

Undetermined.

 
EFFECTIVE DATE:
Immediately; provided, however, that the previsions of this act and all
local laws and ordinances adopted pursuant to its authority shall expire
and be deemed repealed on and after January 1, 2026.

2023-S4215 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4215
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 6, 2023
                                ___________
 
 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 granting an  exemption  from
   the  tax  on  mortgages  for  residential  real  property purchased by
   persons receiving federal and/or state buyouts of their residence as a
   result of damage caused by hurricane Sandy in  October  of  2012;  and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 252 of the tax law  is  amended  by  adding  a  new
 subdivision 3 to read as follows:
   (3)  (A)  NOTWITHSTANDING  THE  PROVISIONS  OF SUBDIVISION ONE OF THIS
 SECTION, THE GOVERNING BODY OF ANY MUNICIPALITY ACTING THROUGH ITS LOCAL
 LEGISLATIVE BODY OR OTHER GOVERNING AGENCY,  IS  HEREBY  AUTHORIZED  AND
 EMPOWERED TO ADOPT AND AMEND LOCAL LAWS OR ORDINANCES TO EXEMPT FROM THE
 TAXES IMPOSED BY THIS ARTICLE THE MORTGAGE OF RESIDENTIAL REAL PROPERTY,
 WHEN  SUCH  REAL PROPERTY IS PURCHASED AND IS TO BE OCCUPIED BY AN OWNER
 OR OWNERS WHO HAVE RECEIVED, OR FOR WHOM A FINAL DETERMINATION HAS  BEEN
 MADE  AND  WILL  RECEIVE,  FEDERALLY AND/OR STATE FUNDED BUYOUTS OF SUCH
 OWNER OR OWNERS' PREVIOUS RESIDENTIAL REAL PROPERTY WHICH WAS DAMAGED OR
 DESTROYED AS A RESULT OF HURRICANE SANDY DURING OCTOBER OF TWO  THOUSAND
 TWELVE.
   (B)  ANY  PERSON  WHO AFTER OCTOBER TWENTY-SECOND, TWO THOUSAND TWELVE
 AND BEFORE THE EFFECTIVE DATE OF THIS SUBDIVISION, WHO  WOULD  OTHERWISE
 QUALIFY  UNDER  PARAGRAPH  (A) OF THIS SUBDIVISION, AND WHO HAS PAID ANY
 TAXES IMPOSED BY THIS ARTICLE, SHALL BE ENTITLED TO RECEIVE A REIMBURSE-
 MENT OF ALL SUCH TAXES PAID FROM THE COUNTY CLERK OR COUNTY TREASURER OF
 THE RESPECTIVE COUNTY WHERE SUCH TAXES WERE PAID IN THE SAME  MANNER  AS
 PROVIDED IN SECTION TWO HUNDRED FIFTY-SEVEN-A OF THIS ARTICLE.
   §  2.  This act shall take effect immediately; provided, however, that
 the provisions of this act and all local  laws  and  ordinances  adopted
 pursuant  to  its  authority  shall expire and be deemed repealed on and
 after January 1, 2026.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08478-01-3

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