ADDABBO, AVELLA, CARLUCCI, FELDER, KLEIN, PARKER, SAMPSON, SAVINO, SMITH
MLTSPNSR
Amd S252, Tax L
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
________________________________________________________________________
5970
2013-2014 Regular Sessions
IN SENATE
October 25, 2013
___________
Introduced by Sens. LANZA, AVELLA, KLEIN, SAVINO, SMITH -- read twice
and ordered printed, and when printed to be committed to the Committee
on Rules
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. The opening paragraph of section 252 of the tax law is
2 designated subdivision 1 and a new subdivision 2 is added to read as
3 follows:
4 2. (a) Notwithstanding the provisions of subdivision one of this
5 section, the governing body of any municipality acting through its local
6 legislative body or other governing agency, is hereby authorized and
7 empowered to adopt and amend local laws or ordinances to exempt from the
8 taxes imposed by this article the mortgage of residential real property,
9 when such real property is purchased and is to be occupied by an owner
10 or owners who have received, or for whom a final determination has been
11 made and will receive, federally and/or state funded buyouts of such
12 owner or owners' previous residential real property which was damaged or
13 destroyed as a result of hurricane Sandy during October of two thousand
14 twelve.
15 (b) Any person who after October twenty-second, two thousand twelve
16 and before the effective date of this subdivision, who would otherwise
17 qualify under paragraph (a) of this subdivision, and who has paid any
18 taxes imposed by this article, shall be entitled to receive a reimburse-
19 ment of all such taxes paid from the county clerk or county treasurer of
20 the respective county where such taxes were paid in the same manner as
21 provided in section two hundred fifty-seven-a of this article.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11891-02-3
S. 5970 2
1 § 2. This act shall take effect immediately; provided, however, that
2 the provisions of this act and all local laws and ordinances adopted
3 pursuant to its authority shall expire and be deemed repealed on and
4 after January 1, 2016.
