Actions

Text

STATE OF NEW YORK
________________________________________________________________________

2557

2011-2012 Regular Sessions

IN ASSEMBLY

January 19, 2011
___________

Introduced  by  M.  of  A.  P. RIVERA, RAMOS, J. RIVERA, MAISEL, COLTON,
  BENEDETTO, ORTIZ, MILLMAN, MOLINARO, FINCH,  ROBINSON  --  Multi-Spon-
  sored  by -- M. of A. COOK, PHEFFER, REILLY, N. RIVERA, THIELE -- read
  once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to exempting from  the  tax  on
  mortgages,  any  mortgage  which  replaces an adjustable rate mortgage
  which initially had a rate of interest below the prime rate

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 2 of section 250 of the tax law is amended by
adding a new paragraph (c) to read as follows:
  (C) SUCH TERM SHALL NOT INCLUDE ANY MORTGAGE OR DEED  OF  TRUST  WHICH
IMPOSES A LIEN ON OR AFFECTS THE TITLE TO REAL PROPERTY, WHEN SUCH MORT-
GAGE OR DEED OF TRUST REPLACES A PREVIOUS MORTGAGE OR DEED OF TRUST:
  (I) RELATING TO THE SAME PARCEL OF REAL PROPERTY;
  (II) WHEN THE OWNERS OF SUCH REAL PROPERTY REMAIN THE SAME; AND
  (III)  THE  MORTGAGE  OR  DEED  OF  TRUST,  WHICH WAS REPLACED, HAD AN
ADJUSTABLE RATE OF INTEREST THAT WAS INITIALLY BELOW THE PRIME RATE.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00415-01-1