Amends chapter 489 of the laws of 2004, relating to the mortgage recording tax in the county of Fulton, to extend the effectiveness of such chapter.
Ayes (59): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Huntley, Johnson, Kennedy, Klein, Krueger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin
Nays (1): Parker
Excused (2): Hassell-Thomps, Kruger
TITLE OF BILL: An act to amend chapter 489 of the laws of 2004, amending the tax law relating to the mortgage recording tax in the county of Fulton, in relation to the effectiveness of such chapter
PURPOSE: To extend, for another two years, the ability of Fulton County to collect an additional mortgage recording tax.
SUMMARY OF PROVISIONS: The effective date of Chapter 489 of the Laws of 2004 -- which authorized Fulton County to impose an additional mortgage recording tax -- is amended to change the "sunset" date to November 30, 2013.
EXISTING LAW: Chapter 489 of 2004 is currently scheduled to expire on November 30, 2011.
JUSTIFICATION: In 2004, the Fulton County Board of Supervisors requested legislation to impose an additional mortgage recording tax in order to help address its financial needs. This authorization was subsequently renewed in 2005, 2007 and 2009, and is currently scheduled to expire on November 30, 2011. These revenues are a necessary part of the County's financial plan, and this bill would extend, for another two years, the authority of Fulton County to impose this additional mortgage recording tax.
FISCAL IMPLICATIONS: None to the State.
LOCAL FISCAL IMPLICATIONS: Continues the current additional mortgage recording tax revenues received by Fulton County.
EFFECTIVE DATE: Immediate.
STATE OF NEW YORK ________________________________________________________________________ S. 3721 A. 5813 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y March 2, 2011 ___________IN SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations IN ASSEMBLY -- Introduced by M. of A. BUTLER -- read once and referred to the Committee on Ways and Means AN ACT to amend chapter 489 of the laws of 2004, amending the tax law relating to the mortgage recording tax in the county of Fulton, in relation to the effectiveness of such chapter THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 489 of the laws of 2004, amending the tax law relating to the mortgage recording tax in the county of Fulton, as amended by chapter 156 of the laws of 2009, is amended to read as follows: S 2. This act shall take effect immediately and shall expire November 30,
2013 when upon such date the provisions of this act shall be deemed repealed. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09401-01-1