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History
- Print number 6467a
- Amend (t) and recommit to judiciary
- Referred to judiciary
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.
Prevents referees from being held liable for interest or penalties on transfer taxes to be paid on deeds filed in their capacity as referee
In Senate Committee · Rules · Sponsor Joseph Lentol
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6467A
Title of bill
An act to amend the civil practice law and rules, in relation to the liability of referees for interest and penalties in connection with transfer taxes on deeds
Purpose or general idea of bill
Prevents referees/arbiters from being held liable for interest or penal- ties on deeds filed in their capacity as referee/arbiter.
Summary of specific provisions
Subdivision (c) of section 8003 of the civil practice law and rules is re-lettered subdivision (d) and a new subdivision (c) is added.
Justification
By law, referees selling properties at foreclosure are treated as gran- tors subject to the RPTT. Specifically, 19 RCNY § 23-02 (a) (2) provides that the RPTT will apply to deeds given by referees, receivers, sher- iffs, etc., for realty sold under lien not canceled by the sale, and advertising expenses, taxes and other costs paid by the purchaser, whether the purchaser is the mortgagee, judgment creditor "or other person" (emphasis added)- there is no provision of law or regulation that exempts a referee, acting as a grantor, from the penalty and inter- est provisions otherwise imposed under the RPTT. However, as on January 1, 2012, referees will be responsible for the payment of any penalties and interest that will be imposed for late filing of the RPTT return. Therefore, this legislation is necessary to prevent referees from being held liable for interest or penalties on deeds filed in their capacity as referee/arbiter.
Prior legislative history
None.
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.