New York Assembly Bill A05350 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5350 2025-2026 Regular Sessions  IN ASSEMBLY February 13, 2025 ___________ Introduced by M. of A. ROSENTHAL -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to exempting first-time home- buyers from the mortgage recording tax 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 where the 5 mortgagee is a first-time homebuyer. As used in this subdivision "first- 6 time homebuyer" means a natural person who has not owned a primary resi- 7 dential property and is not married to a person who has owned a residen- 8 tial property during the three-year period prior to their purchase of 9 the primary residential property, and who does not own a vacation or 10 investment home. 11 § 2. This act shall take effect on the first of January next succeed- 12 ing the date on which it shall have become a law and shall apply to 13 mortgages executed on and after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08183-01-5