Loading chat...

NY A05770

Bill

Official Source

Status

Introduced

2/28/2011

Primary Sponsor

Lou Tobacco

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Terminates the state mortgage recording tax on mortgages recorded on or after September 1, 2011
  • Eliminates the 50-cent per $100 principal debt tax on mortgages secured by real property within the state
  • Eliminates the additional 25-30 cent per $100 tax on mortgages recorded after July 1, 1969 (25 cents for counties outside the metropolitan commuter transportation district, 30 cents for counties within it)
  • Exemption for residential mortgages (first $10,000 of principal debt on one or two family residences) is eliminated along with the tax itself
  • Takes effect immediately upon enactment

Legislative Description

Provides for the termination of the state mortgage recording tax.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means2/28/2011

Full Bill Text

No bill text available