 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5086
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 7, 2019
                                       ___________
 
        Introduced  by M. of A. RAIA, CROUCH, GIGLIO, KOLB, MALLIOTAKIS, HAWLEY,
          FINCH, BLANKENBUSH --  Multi-Sponsored  by  --  M.  of  A.  McDONOUGH,
          M. L. MILLER,  MORINELLO,  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  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  252-a  of the tax law is amended by adding a new
     2  subdivision 3 to read as follows:
     3    3. Any mortgage of residential real property which secures a  debt  of
     4  less than three hundred thousand dollars, where such mortgage discharges
     5  a  prior  mortgage  on  the  same  residential real property and all the
     6  parties to both mortgages are the same, shall be exempt from any tax  or
     7  fee imposed by this article.
     8    §  2. This act shall take effect on the first of January next succeed-
     9  ing 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.
                                                                   LBD07881-01-9
Exempts refinancing of certain mortgages from tax on mortgages

What's Happening

Why It Matters
