Bill Text: NY A00202 | 2009-2010 | General Assembly | Introduced


Bill Title: Enacts the bad loan escape act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-05 - referred to ways and means [A00202 Detail]

Download: New_York-2009-A00202-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          202
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by M. of A. LANCMAN -- read once and referred to the Commit-
         tee on Ways and Means
       AN ACT to amend the tax law, in  relation  to  enacting  the  "bad  loan
         escape act"
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Short title.  This act shall be known and may be  cited  as
    2  the "bad loan escape act".
    3    S  2.  The tax law is amended by adding a new section 253-y to read as
    4  follows:
    5    S 253-Y. EXEMPT MUNICIPAL MORTGAGE TAX FOR REFINANCES. 1.  EVERY MUNI-
    6  CIPALITY WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR RECORDING TAX  PURSU-
    7  ANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT AN EXEMPTION UP TO THE
    8  AMOUNT  OF  THE  ORIGINAL  MORTGAGE FROM SUCH TAX WHERE THE MORTGAGOR IS
    9  REFINANCING HIS OR HER REAL PROPERTY.
   10    2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
   11  REGULATIONS TO ESTABLISH GROUNDS FOR QUALIFICATIONS, PROOF AND PROCEDURE
   12  NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH EXEMPTION.
   13    S 3. This act shall take effect immediately; provided,  however,  that
   14  effective immediately, the addition, amendment and/or repeal of any rule
   15  or regulation necessary for the implementation of this act on its effec-
   16  tive  date  are  authorized  and directed to be made and completed on or
   17  before such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01236-01-1
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