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