Bill Text: NY A04533 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides for the termination of the state mortgage recording tax.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A04533 Detail]

Download: New_York-2013-A04533-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4533
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 6, 2013
                                      ___________
       Introduced  by M. of A. BORELLI -- read once and referred to the Commit-
         tee on Ways and Means
       AN ACT to amend the tax law, in relation to terminating the state  mort-
         gage recording tax
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 253 of the tax law, as amended  by
    2  chapter 350 of the laws of 1969, is amended to read as follows:
    3    1.  A tax of fifty cents for each one hundred dollars and each remain-
    4  ing major fraction thereof of principal debt or obligation which is,  or
    5  under any contingency may be secured at the date of the execution there-
    6  of  or  at  any  time thereafter by a mortgage on real property situated
    7  within the state recorded on or after the first day  of  July,  nineteen
    8  hundred  [and]  six  AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND
    9  THIRTEEN, is  hereby  imposed  on  each  such  mortgage,  and  shall  be
   10  collected and paid as provided in this article. If the principal debt or
   11  obligation  which  is or by any contingency may be secured by such mort-
   12  gage recorded on or after the first day of July, nineteen hundred  [and]
   13  seven  AND  BEFORE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND THIRTEEN, is
   14  less than one hundred dollars, a tax of fifty cents is hereby imposed on
   15  such mortgage, and shall be collected and paid as provided in this arti-
   16  cle.
   17    S 2. Paragraph (a) of subdivision 2 of section 253 of the tax law,  as
   18  amended  by  section  2  of part A of chapter 63 of the laws of 2005, is
   19  amended to read as follows:
   20    (a) In addition to the taxes imposed by subdivisions one and one-a  of
   21  this  section,  there shall be imposed on each mortgage of real property
   22  situated within the state recorded on or after the first  day  of  July,
   23  nineteen  hundred  sixty-nine AND BEFORE THE FIRST DAY OF SEPTEMBER, TWO
   24  THOUSAND THIRTEEN, an additional tax of twenty-five cents  for  counties
   25  outside of the metropolitan commuter transportation district, as defined
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07064-01-3
       A. 4533                             2
    1  pursuant  to  section twelve hundred sixty-two of the public authorities
    2  law, and thirty cents for counties  within  such  metropolitan  commuter
    3  transportation  district for each one hundred dollars and each remaining
    4  major  fraction  thereof  of  principal  debt or obligation which is, or
    5  under any contingency may be secured at the date of execution thereof or
    6  at any time thereafter by such mortgage, saving and excepting the  first
    7  ten thousand dollars of such principal debt or obligation in any case in
    8  which  the  related mortgage is of real property principally improved or
    9  to be improved by a one or two family residence or dwelling.    All  the
   10  provisions  of  this  article shall apply with respect to the additional
   11  tax imposed by this subdivision to the same extent as if it were imposed
   12  by the said  subdivision  one  of  this  section,  except  as  otherwise
   13  expressly  provided  in  this article. The imposition of this additional
   14  tax on mortgages recorded in a county outside  the  city  of  New  York,
   15  other  than  one of the counties from time to time comprising the metro-
   16  politan commuter transportation district, the Niagara Frontier transpor-
   17  tation district,  the  Rochester-Genesee  transportation  district,  the
   18  capital  district  transportation  district  or  the  central  New  York
   19  regional transportation district may be suspended for a specified period
   20  of time or without limitation as to time by a local  law,  ordinance  or
   21  resolution duly adopted by the local legislative body of such county.
   22    S 3. This act shall take effect immediately.