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NY A02005
Bill
Status
Introduced
1/12/2011
Primary Sponsor
David Weprin
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AI Summary
- Requires every municipality that enacted a local mortgage tax or recording tax to grant an exemption from such tax when the mortgagor is a first-time home buyer and the property will be the mortgagor's principal residence
- Directs the Commissioner of Taxation and Finance to promulgate rules and regulations establishing qualification grounds, proof requirements, and procedures for obtaining the exemption
- Takes effect on January 1 following the date the bill becomes law, with commissioner rules and regulations to be promulgated 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
6/19/2012
Committee Referrals
Ways and Means1/12/2011
Full Bill Text
No bill text available