Bill Text: NY A05520 | 2017-2018 | 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: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A05520 Detail]

Download: New_York-2017-A05520-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5520
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 9, 2017
                                       ___________
        Introduced  by M. of A. WEPRIN, LUPINACCI, SKOUFIS -- 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    §  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    §  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.
                                                                   LBD09477-01-7