Skip to content
A5520Assembly2017-2018 Session

Waive Home Tax for New Buyers

Official title

“Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality”

Sponsor David WeprinAD-24+2 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
7/10
Significant
Passage
0%

Bill progress

Step 2 of 7

In committee · Ways And Means

What's happening

This bill exempts first-time home buyers in New York from municipal mortgage taxes on their primary residence.

Why it matters

  1. Reduces upfront costs for first-time home buyers. , making homeownership more accessible to individuals and families who might struggle with initial expenses.

  2. May stimulate the local real estate market. by encouraging more first-time buyers to purchase homes, potentially increasing sales activity and related economic benefits in New York municipalities.

  3. Requires clear rules for who qualifies. , ensuring that only genuine first-time buyers of primary residences receive the exemption—this could prevent abuse and focus benefits on intended recipients.

  4. Shifts some tax revenue away from municipalities. , which could impact local budgets that rely on mortgage tax income, potentially leading to debates about how to offset any shortfall.

The daily · weekday mornings

Albany, before your first meeting.

Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.

Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.

Who cares

Headline styles

Waive Home Tax for New Buyers

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

Sponsors

Primary sponsor
David Weprin

Assembly Member · Assembly District 24

Chair, Insurance

1 Multi-sponsor

History

  1. Referred to ways and means
  2. Referred to ways and means

Full text

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

STATE OF NEW YORK

5520

2017-2018 Regular Sessions

IN ASSEMBLY

February 9, 2017

Introduced by M. of A. WEPRIN, LUPINACCI, SKOUFIS -- Multi-Sponsored by -- M. of A. SCHIMMINGER -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to an exemption from municipal mortgage tax for first time home buyers

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

Section 1. The tax law is amended by adding a new section 268 to read as follows:

§ 268. Exemption for first time home buyers from municipal mortgage tax. 1. Every municipality which has enacted a local mortgage tax or recording tax pursuant to the provisions of this article shall grant an exemption from such tax where the mortgagor is a first time home buyer and the residence being mortgaged is intended to be said mortgagor's principal place of residence.

2. The commissioner shall promulgate necessary and advisable rules and regulations to establish grounds for qualification, proof and procedure necessary for a mortgagor to obtain such an exemption.

§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law. Effective immediately, the commissioner of taxation and finance shall promulgate necessary and advisable rules and regulations for the implementation of this act.

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

[ ] is old law to be omitted.

LBD09477-01-7

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.