Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of their prior residence destroyed in hurricane Sandy.
STATE OF NEW YORK
________________________________________________________________________
4215
2023-2024 Regular Sessions
IN SENATE
February 6, 2023
___________
Introduced by Sen. LANZA -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to granting an exemption from
the tax on mortgages for residential real property purchased by
persons receiving federal and/or state buyouts of their residence as a
result of damage caused by hurricane Sandy in October of 2012; and
providing for the repeal of such provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 252 of the tax law is amended by adding a new
2 subdivision 3 to read as follows:
3 (3) (a) Notwithstanding the provisions of subdivision one of this
4 section, the governing body of any municipality acting through its local
5 legislative body or other governing agency, is hereby authorized and
6 empowered to adopt and amend local laws or ordinances to exempt from the
7 taxes imposed by this article the mortgage of residential real property,
8 when such real property is purchased and is to be occupied by an owner
9 or owners who have received, or for whom a final determination has been
10 made and will receive, federally and/or state funded buyouts of such
11 owner or owners' previous residential real property which was damaged or
12 destroyed as a result of hurricane Sandy during October of two thousand
13 twelve.
14 (b) Any person who after October twenty-second, two thousand twelve
15 and before the effective date of this subdivision, who would otherwise
16 qualify under paragraph (a) of this subdivision, and who has paid any
17 taxes imposed by this article, shall be entitled to receive a reimburse-
18 ment of all such taxes paid from the county clerk or county treasurer of
19 the respective county where such taxes were paid in the same manner as
20 provided in section two hundred fifty-seven-a of this article.
21 § 2. This act shall take effect immediately; provided, however, that
22 the provisions of this act and all local laws and ordinances adopted
23 pursuant to its authority shall expire and be deemed repealed on and
24 after January 1, 2026.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08478-01-3
