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NY A03935

Bill

Official Source

Status

Introduced

1/29/2009

Primary Sponsor

Thomas Alfano

Click for details

Origin

Assembly

2009-2010 General Assembly

AI Summary

  • Exempts refinanced mortgages on residential real property from New York State mortgage tax and fees when the new mortgage secures a debt of less than $300,000
  • Applies only when the refinanced mortgage discharges a prior mortgage on the same residential property and all parties to both mortgages are identical
  • Adds a new subdivision 3 to Section 252-a of the tax law to establish this exemption
  • Takes effect on January 1 of the year following enactment

Legislative Description

An act to amend the tax law, in relation to exempting the refinancing of certain mortgages from the tax on mortgages

Last Action

held for consideration in ways and means

7/1/2010

Committee Referrals

Ways and Means1/29/2009

Full Bill Text

No bill text available