NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7847
SPONSOR: Durso TITLE OF BILL:
An act to amend the tax law, in relation to exempting from the mortgage
recording tax mortgages executed by a veteran first time homebuyer
PURPOSE OR GENERAL IDEA OF BILL:
To amend the tax law, in relation to exempting from the mortgage record-
ing tax mortgages executed by a veteran first time homebuyer
SUMMARY OF PROVISIONS:
Section 1. Section 253 of the tax law is amended by adding a new subdi-
vision 4 to read as follows: 4.Notwithstanding any other provision of
law to the contrary, the mortgage recording tax shall not be imposed
upon any mortgage executed by a veteran, as defined in section one of
the veterans' services law, who is a first time homebuyer.
JUSTIFICATION:
Every veteran should have a home. This bill will help make homeownership
more affordable for our servicemembers who protected our nation with
honor and sacrifice to defend our freedom.
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
7847
2023-2024 Regular Sessions
IN ASSEMBLY
July 7, 2023
___________
Introduced by M. of A. DURSO -- read once and referred to the Committee
on Ways and Means
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.
LBD11797-01-3
