Bill Text: NY S04370 | 2011-2012 | 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 (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04370 Detail]

Download: New_York-2011-S04370-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4370
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 31, 2011
                                      ___________
       Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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.
                                                                  LBD05091-01-1