Assembly Bill A907

2013-2014 Legislative Session

Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality

download bill text pdf

Sponsored By

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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2013-A907 (ACTIVE) - Details

See Senate Version of this Bill:
S2456
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §268, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7062
2011-2012: A2005, S4370
2015-2016: A2989, S3851
2017-2018: A5520
2019-2020: A4219
2021-2022: A8913
2023-2024: A2375

2013-A907 (ACTIVE) - Summary

Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality pursuant to article 11 of the tax law; directs commissioner of taxation and finance to establish qualifications and procedures for obtaining such exemption.

2013-A907 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   907

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. GIBSON,
  SCHIMMINGER -- read once and referred to the  Committee  on  Ways  and
  Means

AN  ACT to amend the tax law, in relation to an exemption from municipal
  mortgage tax for first time home buyers

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

  Section  1. The tax law is amended by adding a new section 268 to read
as follows:
  S 268. EXEMPTION FOR FIRST TIME HOME BUYERS  FROM  MUNICIPAL  MORTGAGE
TAX.  1.  EVERY  MUNICIPALITY  WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR
RECORDING TAX PURSUANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT  AN
EXEMPTION  FROM  SUCH TAX WHERE THE MORTGAGOR IS A FIRST TIME HOME BUYER
AND THE RESIDENCE BEING MORTGAGED IS INTENDED  TO  BE  SAID  MORTGAGOR'S
PRINCIPAL PLACE OF RESIDENCE.
  2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
REGULATIONS  TO ESTABLISH GROUNDS FOR QUALIFICATION, PROOF AND PROCEDURE
NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH AN EXEMPTION.
  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.  Effective immediate-
ly, the commissioner of taxation and finance shall promulgate  necessary
and advisable rules and regulations for the implementation of this act.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02916-01-3

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