Bill > A05487

This bill amends the New York tax law to create a new exemption from the mortgage recording tax specifically for veteran first-time homebuyers. Currently, when individuals take out a mortgage, they are typically required to pay a tax when that mortgage is recorded with local government authorities. Under this proposed legislation, veterans who are purchasing their first home would be completely exempt from paying this mortgage recording tax. The bill defines a veteran according to the definition in section one of the veterans' services law and specifically targets those who have not previously owned a home. The tax exemption is intended to provide financial relief and support to veterans entering homeownership, potentially making home purchases more affordable for those who have served in the military. The legislation would take effect immediately upon enactment, meaning veterans could benefit from this tax exemption as soon as the bill becomes law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5487