BILL NUMBER: S5620
SPONSOR: ASHBY
 
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:
2023-24: S.7638, referred to Investigations and Gov Ops
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S5620: 253 tax law