Bill Text: NY A04499 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 4499 (Prior Session Legislation)

Introduced

Bill Title: Exempts refinancing of certain mortgages from tax on mortgages.

Spectrum: Partisan Bill (Republican 12-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A04499 Detail]

Download: New_York-2013-A04499-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4499
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 5, 2013
                                      ___________
       Introduced  by  M. of A. RAIA, CROUCH, GIGLIO, KOLB, McKEVITT, SALADINO,
         MALLIOTAKIS -- Multi-Sponsored by -- M. of A. McDONOUGH --  read  once
         and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to exempting the refinancing of
         certain mortgages from the tax on mortgages
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 252-a of the tax law is amended  by  adding  a  new
    2  subdivision 3 to read as follows:
    3    3.  ANY  MORTGAGE OF RESIDENTIAL REAL PROPERTY WHICH SECURES A DEBT OF
    4  LESS THAN THREE HUNDRED THOUSAND DOLLARS, WHERE SUCH MORTGAGE DISCHARGES
    5  A PRIOR MORTGAGE ON THE SAME  RESIDENTIAL  REAL  PROPERTY  AND  ALL  THE
    6  PARTIES  TO BOTH MORTGAGES ARE THE SAME, SHALL BE EXEMPT FROM ANY TAX OR
    7  FEE IMPOSED BY THIS ARTICLE.
    8    S 2. This act shall take effect on the first of January next  succeed-
    9  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05171-01-3