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Bill

A 5487

Exempts from the mortgage recording tax mortgages executed by a veteran first time homebuyer

2025 Regular Session Introduced by Joe Angelino and 4 co-sponsors

Bill A 5487 exempts first-time veteran homebuyers from the mortgage recording tax, making homeownership more affordable and accessible for those who served.

HELD FOR CONSIDERATION IN WAYS AND MEANS
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WeVote Research Nonpartisan
Bill Summary · A 5487

Summary of Bill A 5487

Bill Overview

  • Bill Number: A 5487
  • Title: Exempts from the mortgage recording tax mortgages executed by a veteran first-time homebuyer
  • Status: Held for consideration in Ways and Means
  • Introduced On: February 14, 2025
  • Classification: Bill

Purpose and Intent

Bill A 5487 aims to provide financial relief to veterans who are first-time homebuyers by exempting them from the mortgage recording tax. This initiative is designed to encourage homeownership among veterans, recognizing their service and the unique challenges they may face when purchasing a home.

Key Provisions

  • Exemption from Mortgage Recording Tax: The bill specifically exempts mortgages executed by veterans who are purchasing their first home from the mortgage recording tax. This tax exemption is intended to reduce the overall cost of homeownership for eligible veterans.

Who Would Be Affected

  • Veterans: The primary beneficiaries of this bill are veterans who are first-time homebuyers. By alleviating the financial burden of the mortgage recording tax, the bill seeks to make homeownership more accessible for this group.
  • Real Estate Market: The bill may also have a broader impact on the real estate market by potentially increasing the number of home purchases made by veterans, thereby stimulating economic activity in the housing sector.

Procedural Aspects

  • Legislative Actions:
    • February 14, 2025: The bill was introduced and referred to the Ways and Means Committee.
    • June 6, 2025: The bill was held for consideration in the Ways and Means Committee, indicating that further discussion or amendments may be necessary before it can progress.

Related Legislation

  • A 7847: A prior-session bill that may have addressed similar issues or provisions.
  • S 5620: A companion bill in the Senate that aligns with the objectives of A 5487, potentially facilitating a more comprehensive legislative approach to supporting veterans in homeownership.

Conclusion

Bill A 5487 represents a significant step toward supporting veterans in their pursuit of homeownership by eliminating a financial barrier. As it progresses through the legislative process, its implications for veterans and the housing market will be closely monitored.

Compiled from official sources — confirm details with the bill’s official record.

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