Bill > S05620

This bill amends the New York State tax law to create a new exemption from the mortgage recording tax specifically for veteran first-time homebuyers. The mortgage recording tax is typically a fee charged when a mortgage is recorded with local government authorities, and this legislation would waive that tax for veterans purchasing their first home. The bill defines a veteran according to the definition in section one of the veterans' services law and requires the homebuyer to be purchasing their first home. By eliminating this tax, the bill aims to provide financial relief to veterans entering the housing market, potentially making homeownership more affordable and accessible for those who have served in the military. The exemption would take effect immediately upon the bill's enactment, offering an immediate benefit to qualifying veterans seeking to purchase their first home in New York State.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5620