New York S 3420: Relates to prohibiting mortgagors from recovering attorney's fees and/or expenses incurred during a foreclosure

Bill Text

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S03420 Summary:

BILL NOS03420 

&nbsp

SAME ASSAME AS A02337

&nbsp

SPONSORBORRELLO

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.

Go to top S03420 Actions:

BILL NOS03420 

&nbsp

01/27/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03420 Committee&nbspVotes:

Go to topS03420 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03420 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3420

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sen. BORRELLO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to providing a tax credit in
 the amount of certain fees charged in connection with loans under the
 federal home loan guarantee program to national guard and reserve
 veterans

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (bbb) to read as follows:
 3 (bbb) Credit for certain fees paid to the federal home loan mortgage
 4 corporation. 1. An eligible taxpayer shall be allowed a credit against
 5 the tax imposed by this article which is equal to the three-quarters of
 6 one percent difference between fees charged to veterans of the national
 7 guard or armed forces reserves and the same fees charged to eligible
 8 active duty veterans, under loan or loan guarantee programs administered
 9 or funded by the federal home loan mortgage corporation. For the
 10 purposes of this section an eligible taxpayer shall be a veteran of the
 11 New York national guard or military reserve.
 12 2. For purposes of this subsection, "veteran" shall mean a person who
 13 served in the active military, naval, or air service during a period of
 14 war, or who was a recipient of the armed forces expeditionary medal,
 15 navy expeditionary medal, marine corps expeditionary medal, or global
 16 war on terrorism expeditionary medal, and who was discharged or released
 17 therefrom under honorable conditions.
 18 3. For the purposes of this subsection, "service during time of war"
 19 shall mean:
 20 (i) The individual in question was a recipient of the armed forces
 21 expeditionary medal, the navy expeditionary medal or the marine corps
 22 expeditionary medal for participation in operations in Lebanon from June
 23 first, nineteen hundred eighty-three to December first, nineteen hundred

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05522-01-5

 S. 3420 2

 1 eighty-seven, in Grenada from October twenty-third, nineteen hundred
 2 eighty-three to November twenty-first, nineteen hundred eighty-three, or
 3 in Panama from December twentieth, nineteen hundred eighty-nine to Janu-
 4 ary thirty-first, nineteen hundred ninety; or
 5 (ii) The individual served on active duty for ninety days or more in
 6 the armed forces of the United States during any one of the following
 7 wars or hostilities:
 8 (1) in the Spanish-American war from the twenty-first day of April,
 9 eighteen hundred ninety-eight to the eleventh day of April, eighteen
 10 hundred ninety-nine, inclusive;
 11 (2) in the Philippine insurrection or the China relief expedition from
 12 the eleventh day of April, eighteen hundred ninety-nine to the fourth
 13 day of July, nineteen hundred two, inclusive;
 14 (3) in the Mexican border campaign from the ninth day of May, nineteen
 15 hundred sixteen, to the fifth day of April, nineteen hundred seventeen,
 16 inclusive;
 17 (4) in world war I from the sixth day of April, nineteen hundred
 18 seventeen to the eleventh day of November, nineteen hundred eighteen,
 19 inclusive;
 20 (5) in world war II from the seventh day of December, nineteen hundred
 21 forty-one to the thirty-first day of December, nineteen hundred forty-
 22 six, inclusive;
 23 (6) in the Korean hostilities from the twenty-seventh day of June,
 24 nineteen hundred fi