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Who cares
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Sponsors
1 Co-sponsor
History
- Reported and committed to finance
- 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 exemption for first time home buyer from a mortgage or recording tax imposed by a municipality
In Assembly Committee · Ways And Means · Sponsor David Weprin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3851
Title of bill
An act to amend the tax law, in relation to an exemption from municipal mortgage tax for first time home buyers
Purpose
To assist first time home buyers in purchasing a home by exempting them from the burden for the state mortgage recording tax imposed upon home purchases.
Summary of provisions
The bill would add a new section 268 to the Tax Law to exempt first time home buyers from the state mortgage recording tax, where the residential property being mortgaged is the mortgagor's principal place of residence.
Existing law
Article 11 of the Tax Law, "Tax on Mortgages", includes a state mortgage recording tax as well as several additional recording taxes imposed by political subdivisions within the state.
Justification
One way of increasing access to first-time home ownership for families in New York State is to remove the added expense of state mortgage recording taxes. Exemption from these taxes will ease the entry of many New Yorkers into their first home. Increasing homeownership and home sales will not only strengthen New York's economy, but also strengthen and stabilize our communities.
Legislative history
2014: S.2456 Referred to Investigations and Government Operations/ A907 held for Consideration in Ways & Means 2012: S.4370- Referred to Investigations and Government Operations/ A.2005 Held for Consideration in Ways and Means. 2011: S.4370 - Referred to Investigations and Government Operations/ A.2005 Referred to ways and means 2009: A.7062 - Held for Consideration in Ways & Means.
Effective date
January 1, next succeeding the date it becomes law, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.