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.
STATE OF NEW YORK
________________________________________________________________________
2005
2011-2012 Regular Sessions
IN ASSEMBLY
January 12, 2011
___________
Introduced by M. of A. WEPRIN -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to an exemption from municipal
mortgage tax for first time home buyers
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 268 to read
2 as follows:
3 § 268. Exemption for first time home buyers from municipal mortgage
4 tax. 1. Every municipality which has enacted a local mortgage tax or
5 recording tax pursuant to the provisions of this article shall grant an
6 exemption from such tax where the mortgagor is a first time home buyer
7 and the residence being mortgaged is intended to be said mortgagor's
8 principal place of residence.
9 2. The commissioner shall promulgate necessary and advisable rules and
10 regulations to establish grounds for qualification, proof and procedure
11 necessary for a mortgagor to obtain such an exemption.
12 § 2. This act shall take effect on the first of January next succeed-
13 ing the date on which it shall have become a law. Effective immediate-
14 ly, the commissioner of taxation and finance shall promulgate necessary
15 and advisable rules and regulations for the implementation of this act.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05091-01-1
