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NY A00907
Bill
Status
1/9/2013
Primary Sponsor
David Weprin
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AI Summary
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Requires every municipality with a local mortgage tax or recording tax to grant an exemption from that tax for first-time home buyers purchasing their principal residence.
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Directs the Commissioner of Taxation and Finance to establish rules and regulations defining qualification grounds, proof requirements, and procedures for obtaining the exemption.
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Takes effect on January 1 following enactment, with the commissioner required to promulgate implementing regulations immediately upon passage.
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
6/17/2014