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NY A07062
Bill
Status
3/19/2009
Primary Sponsor
Ann-Margaret Carrozza
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AI Summary
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Amends New York Tax Law by adding Section 268 to require municipalities with local mortgage or recording taxes to grant exemptions for first-time home buyers.
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Exemption applies only when the mortgagor is purchasing their principal place of residence.
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Directs the Commissioner of Taxation and Finance to promulgate rules and regulations establishing qualification grounds, required proof, and procedures for obtaining the exemption.
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Takes effect on January 1st following the date the bill becomes law, with the Commissioner required to promulgate implementing regulations immediately upon enactment.
Legislative Description
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.
Last Action
held for consideration in ways and means
7/1/2010