New York A 5350: Exempts first-time homebuyers from the mortgage recording tax

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A05350 Summary:

BILL NOA05350 

&nbsp

SAME ASSAME AS S04488

&nbsp

SPONSORRosenthal

&nbsp

COSPNSRGriffin, Santabarbara

&nbsp

MLTSPNSR

&nbsp

Amd §253, Tax L

&nbsp

Exempts first-time homebuyers from the mortgage recording tax.

Go to top A05350 Actions:

BILL NOA05350 

&nbsp

02/13/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05350 Committee&nbspVotes:

Go to topA05350 Floor&nbspVotes:

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

Go to topA05350 Text:

 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

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