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A3166Assembly2017-2018 Session

End Mortgage Refi Tax

Official title

“Exempts refinancing of certain mortgages from tax on mortgages”

Sponsor Andrew RaiaAD-12+7 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
5/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Ways And Means

What's happening

This bill exempts certain residential mortgage refinances under $300,000, with the same parties, from mortgage taxes and fees.

Why it matters

  1. Reduces refinancing costs for homeowners. By exempting smaller residential mortgage refinances (under $300,000) from taxes and fees, the bill could make it cheaper and more accessible for homeowners to refinance, potentially lowering monthly payments or securing better terms.

  2. Targets lower- and middle-income borrowers. The $300,000 cap focuses the benefits on less expensive properties, which are more likely to be owned by working- and middle-class families, rather than high-end property owners.

  3. Applies only to same-party transactions. The exemption is limited to cases where the original borrower and lender remain the same, minimizing risks of abuse and ensuring the rule is used for genuine refinances rather than new property purchases or ownership transfers.

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Who cares

Headline styles

End Mortgage Refi Tax

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Andrew Raia

Assembly Member · Assembly District 12

History

  1. Held for consideration in ways and means
  2. Referred to ways and means
  3. Referred to ways and means

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

3166

2017-2018 Regular Sessions

IN ASSEMBLY

January 27, 2017

Introduced by M. of A. RAIA, CROUCH, GIGLIO, KOLB, McKEVITT, SALADINO, MALLIOTAKIS, HAWLEY, FINCH -- Multi-Sponsored by -- M. of A. McDO- NOUGH, PALMESANO -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to exempting the refinancing of certain mortgages from the tax on mortgages

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 252-a of the tax law is amended by adding a new subdivision 3 to read as follows:

3. Any mortgage of residential real property which secures a debt of less than three hundred thousand dollars, where such mortgage discharges a prior mortgage on the same residential real property and all the parties to both mortgages are the same, shall be exempt from any tax or fee imposed by this article.

§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD06899-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.