Bill S3878-2015

Extends the expiration of the mortgage recording tax imposed by the city of Yonkers

Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.

Details

Actions

  • Jun 9, 2015: SUBSTITUTED BY A4956
  • May 27, 2015: ADVANCED TO THIRD READING
  • May 20, 2015: 2ND REPORT CAL.
  • May 19, 2015: 1ST REPORT CAL.772
  • Feb 20, 2015: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 19, 2015
Ayes (9): Marcellino, Carlucci, Golden, Murphy, Nozzolio, O'Mara, Hoylman, Diaz, Squadron

Memo

BILL NUMBER:S3878

TITLE OF BILL: An act to amend the tax law, in relation to extending the expiration of the mortgage recording tax imposed by the city of Yonkers

PURPOSE OR GENERAL IDEA OF BILL:

To extend the expiration of the mortgage recording tax imposed by the City of Yonkers.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill amends Subdivision 1 of Section 253-d of the tax law as amended by Chapter 76 of the Laws of 2013 to extend the expiration of the mortgage recording tax imposed by the City of Yonkers to August 31, 2017.

Section 2 is the immediate effective date.

JUSTIFICATION:

In order for the City of Yonkers to adopt its budget, the Mortgage Recording Tax must be extended since these revenues are included in the City of Yonkers' budget.

LEGISLATIVE HISTORY:

2013 - S.4116 - Chapter 76 of 2013 2011 - S.2983 - Chapter 392 of 2011 2009 -.S.3334 - Chapter 142 of 2009 2007 - S.4138 - Chapter 383 of 2007.

FISCAL IMPLICATIONS:

None to the State.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 3878 2015-2016 Regular Sessions IN SENATE February 20, 2015 ___________
Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to extending the expiration of the mortgage recording tax imposed by the city of Yonkers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 253-d of the tax law, as amended by chapter 76 of the laws of 2013, is amended to read as follows: 1. The city of Yonkers, acting through its local legislative body, is hereby authorized and empowered to adopt and amend local laws imposing in any such city during the period beginning September first, nineteen hundred ninety-three and ending August thirty-first, two thousand [fifteen] SEVENTEEN, a tax of fifty cents for each one hundred dollars and each remaining major fraction thereof of principal debt or obli- gation which is or under any contingency may be secured at the date of execution thereof, or at any time thereafter, by a mortgage on real property situated within such city and recorded on or after the date upon which such tax takes effect and a tax of fifty cents on such mort- gage if the principal debt or obligation which is or by any contingency may be secured by such mortgage is less than one hundred dollars. S 2. This act shall take effect immediately.

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