A3396-2011 Actions

• Jan 4, 2012: referred to ways and means
• Jan 25, 2011: referred to ways and means

A3396-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3396
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 25, 2011
 
 Introduced by M. of A. MAISEL -- read once and referred to the Committee
 on Ways and Means
 AN  ACT to amend the tax law, in relation to limiting the tax imposed on
 refinanced mortgages to the difference between the total  indebtedness
 secured  by the new mortgage and the remaining indebtedness secured by
 the former mortgage
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1.  Paragraph  (b) of subdivision 2 of section 250 of the tax
 law, as amended by section 1 of part Q of chapter  60  of  the  laws  of
 2004, is amended to read as follows:

 (b)  Where  all  or  part of the indebtedness secured by a mortgage of
 real property within any city in the state having a  population  of  one
 million  or more has been paid and new funds are advanced or re-advanced
 which are to be secured by such mortgage, OR BY  A  NEW  MORTGAGE  WHICH
 SECURES  THE  BALANCE  OF INDEBTEDNESS REMAINING UNPAID UNDER THE FORMER
 MORTGAGE PLUS ALL NEW FUNDS ADVANCED OR  RE-ADVANCED,  the  contract  or
 agreement  by  which  such  funds  are  advanced or re-advanced shall be
 deemed a mortgage of real property for purposes  of  this  article,  and
 shall  be taxable as such upon the amount of such new funds, OR UPON THE
 DIFFERENCE IN AMOUNTS BETWEEN THE TOTAL INDEBTEDNESS SECURED BY THE  NEW
 MORTGAGE  AND  THE  REMAINING INDEBTEDNESS WHICH HAD BEEN SECURED BY THE
 FORMER MORTGAGE, except as otherwise provided  in  section  two  hundred
 fifty-three-b of this article.
 

S  2. This act shall take effect on the first of January next succeed
 ing the date on which it shall have become a law, and shall apply to the
 calculation of amount of tax due on mortgages executed on and after such
 date.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06389-01-1

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