What's happening
The bill exempts homeowners from paying municipal mortgage taxes when refinancing up to the amount of their original mortgage.
Why it matters
Reduces the cost burden of refinancing for homeowners. by eliminating the municipal mortgage tax on the portion of a new mortgage that is equal to the original loan, potentially saving thousands of dollars during a refinance.
May encourage more frequent or accessible refinancing. , allowing homeowners to take advantage of lower interest rates or improved loan terms, which can result in lower monthly payments or quicker mortgage payoff.
Could stimulate local housing markets. by making it easier for homeowners to adjust their finances, potentially reducing defaults and foreclosures if more people are able to refinance into affordable terms.
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Who cares
Headline styles
Cut Mortgage Tax on Refinancing
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 40
No co-sponsors yet.
History
- Referred to ways and means
- Referred to ways and means
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.
Cut Mortgage Tax on Refinances
In Senate Committee · Investigations And Government Operations · Sponsor Leroy Comrie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6886
2019-2020 Regular Sessions
IN ASSEMBLY
March 25, 2019
Introduced by M. of A. KIM -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to enacting the "homeowner mortgage refinance relief act"
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Short title. This act shall be known and may be cited as the "homeowner mortgage refinance relief act".
§ 2. The tax law is amended by adding a new section 253-y to read as follows:
§ 253-y. Exempt municipal mortgage tax for refinances. 1. Every municipality which has enacted a local mortgage tax or recording tax pursuant to the provisions of this article shall grant an exemption up to the amount of the original mortgage from such tax where the mortgagor is refinancing his or her real property.
2. The commissioner shall promulgate necessary and advisable rules and regulations to establish grounds for qualifications, proof and procedure necessary for a mortgagor to obtain such exemption.
§ 3. This act shall take effect immediately. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06294-01-9
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.