S05620 Summary:
| BILL NO | S05620 |
| SAME AS | SAME AS A05487 |
| SPONSOR | ASHBY |
| COSPNSR | |
| MLTSPNSR | |
| Amd §253, Tax L | |
| Exempts from the mortgage recording tax mortgages executed by a veteran first time homebuyer. | |
S05620 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5620 2025-2026 Regular Sessions IN SENATE February 26, 2025 ___________ Introduced by Sen. ASHBY -- 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 exempting from the mortgage recording tax mortgages executed by a veteran first time homebuyer The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 253 of the tax law is amended by adding a new 2 subdivision 4 to read as follows: 3 4. Notwithstanding any other provision of law to the contrary, the 4 mortgage recording tax shall not be imposed upon any mortgage executed 5 by a veteran, as defined in section one of the veterans' services law, 6 who is a first time homebuyer. 7 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05422-01-5