STATE OF NEW YORK
________________________________________________________________________
5086
2019-2020 Regular Sessions
IN ASSEMBLY
February 7, 2019
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Introduced by M. of A. RAIA, CROUCH, GIGLIO, KOLB, MALLIOTAKIS, HAWLEY,
FINCH, BLANKENBUSH -- Multi-Sponsored by -- M. of A. McDONOUGH,
M. L. MILLER, MORINELLO, PALMESANO -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to exempting the refinancing of
certain mortgages from the tax on mortgages
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 252-a of the tax law is amended by adding a new
2 subdivision 3 to read as follows:
3 3. Any mortgage of residential real property which secures a debt of
4 less than three hundred thousand dollars, where such mortgage discharges
5 a prior mortgage on the same residential real property and all the
6 parties to both mortgages are the same, shall be exempt from any tax or
7 fee imposed by this article.
8 § 2. This act shall take effect on the first of January next succeed-
9 ing the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07881-01-9
