Bill Text: NY A02989 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides exemption for first time home buyer from a mortgage or recording tax imposed by a municipality pursuant to article 11 of the tax law; directs commissioner of taxation and finance to establish qualifications and procedures for obtaining such exemption.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A02989 Detail]

Download: New_York-2015-A02989-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2989
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 20, 2015
                                      ___________
       Introduced  by  M. of A. WEPRIN, SALADINO -- Multi-Sponsored by -- M. of
         A. SCHIMMINGER -- read once and referred to the Committee on Ways  and
         Means
       AN  ACT to amend the tax law, in relation to an exemption from municipal
         mortgage tax for first time home buyers
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The tax law is amended by adding a new section 268 to read
    2  as follows:
    3    S 268. EXEMPTION FOR FIRST TIME HOME BUYERS  FROM  MUNICIPAL  MORTGAGE
    4  TAX.  1.  EVERY  MUNICIPALITY  WHICH HAS ENACTED A LOCAL MORTGAGE TAX OR
    5  RECORDING TAX PURSUANT TO THE PROVISIONS OF THIS ARTICLE SHALL GRANT  AN
    6  EXEMPTION  FROM  SUCH TAX WHERE THE MORTGAGOR IS A FIRST TIME HOME BUYER
    7  AND THE RESIDENCE BEING MORTGAGED IS INTENDED  TO  BE  SAID  MORTGAGOR'S
    8  PRINCIPAL PLACE OF RESIDENCE.
    9    2. THE COMMISSIONER SHALL PROMULGATE NECESSARY AND ADVISABLE RULES AND
   10  REGULATIONS  TO ESTABLISH GROUNDS FOR QUALIFICATION, PROOF AND PROCEDURE
   11  NECESSARY FOR A MORTGAGOR TO OBTAIN SUCH AN EXEMPTION.
   12    S 2. This act shall take effect on the first of January next  succeed-
   13  ing  the date on which it shall have become a law.  Effective immediate-
   14  ly, the commissioner of taxation and finance shall promulgate  necessary
   15  and advisable rules and regulations for the implementation of this act.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00860-01-5