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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.972
- Referred to investigations and government operations
- Referred to rules
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.
Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in hurricane Sandy
In Assembly Committee · Ways And Means · Sponsor Michael Cusick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5970
Title of bill
An act to amend the tax law, in relation to granting an exemption from the tax on mortgages for residential real property purchased by persons receiving federal and/or state buyouts of their residence as a result of damage caused by hurricane Sandy in October of 2012; and providing for the repeal of such provisions upon expiration thereof
Purpose
Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in hurricane Sandy
Summary of provisions
Section 1 amends the opening paragraph of section 252 of the tax law is designated subdivision 1 and a new subdivision 2 is added. Section 2 is the effective date.
Justification
In the wake of Hurricane Sandy, an effort has been undertaken to ensure that shoreline protections are implemented. In some cases it has been determined, in consultation with residents, that certain homes and communities will be eligible for a buyout of their property, with the intent of providing for better storm protections and a more resilient housing stock in the future. In many cases where a homeowner does make the difficult decision to leave the home and community they have known for years, they will then seek to purchase a new home. In these cases, the fees assessed through the state and local mortgage recording taxes should be waived when securing a mortgage for a new home. In some instances, homeowners have secured a new home, with a mortgage, while waiting for the buyout process to proceed. These residents currently are mandated to pay the mortgage recording tax. This measure allows an exemption for mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in Hurricane Sandy.
Legislative history
New bill.
Fiscal implications
Undetermined.
Effective, date
Immediately; provided, however, that the provisions of this act and all local laws and ordinances adopted pursuant to its authority shall expire and be deemed repealed on and after January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.