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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for the termination of the state mortgage recording tax
In Assembly Committee · Ways And Means · Sponsor Louis Tobacco
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to terminating the state mortgage recording tax
Purpose
Provides for the termination of the state mortgage recording tax.
Summary of provisions
Section 1 amends subdivision 1 of section 253 of the tax law, of chapter 350 of the laws of 1969, to mandate that a tax of fifty cents for each one hundred dollars and each remaining major fraction thereof of principal debt or obligation which is, or under any contingency may be secured at the date of execution thereof or at any time thereafter by a mortgage on real property situated within the state recorded on or after the first day of July, nineteen hundred and six and before the first day of September, two thousand seven, is hereby imposed on such mortgage.
Section 2 of paragraph a of subdivision 2 of section 253 of the tax law, amended by section 2 of part A of chapter 63 of the laws of 2005, is amended to mandate that in addition to the taxes imposed by subdivisions one and one-a of this section, there shall be imposed on each mortgage of real property situated within the state recorded on or after the first day of July, nineteen hundred sixty-nine and before the first day of September, two thousand seven, an additional tax of twenty-five cents for counties outside of the metropolitan commuter transportation district.
Section 3 is an immediate effective date.
Justification
Eliminating the state mortgage recording tax will help families, especially young people, who are trying to achieve the American dream of buying a home. This is a burdensome tax on the people living in New York State and creates a disincentive for individuals who wish to purchase a home in the State of New York.
Legislative history
2008: S.6280 - Referred to Investigations/A.10329 - Referred to Ways & Means 2007: S.6280 - Referred to Rules
Fiscal implications
Undetermined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.