Assembly BillIntroduced
A 5350: Exempts first-time homebuyers from the mortgage recording tax.
What A 5350 does, verified January 8, 2026
The proposed law aims to exempt first-time homebuyers from the mortgage recording tax. A first-time homebuyer is defined as a natural person who has not owned a primary residence and is not married to someone who has owned a residence during the three-year period prior to their purchase. This exemption applies to mortgages executed on or after the effective date of the law, which will take effect on January 1st of the following year. The law will not impose the mortgage recording tax on the mortgagee, which is the person or entity lending the money for the purchase of the property.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to ways and means (2026-01-07)Alert me
Quick answers about A 5350
- What is the current status of A 5350?
- As of January 8, 2026, A 5350 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "referred to ways and means".
- Did A 5350 pass?
- Not yet. A 5350 has been introduced and has not passed either house.
- Who wrote A 5350, and where is it now?
- A 5350 was authored by Asm. Linda Rosenthal with 2 coauthors. Its committee of record is Assembly Ways & Means.
Author and sponsors
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| Jan. 07, 2026 | referred to ways and means |
| Feb. 13, 2025 | referred to ways and means |
Latest bill textIntroduced version, February 13, 2025 · 252 words
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
Text of A 5350 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions