Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.
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 392 of the Laws of 2011 to extend the expiration of the mortgage recording tax imposed by the City of Yonkers to August 31, 2015.
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: 2007 - S4138 - Chapter 383 of 2007 2009 - S3334 - Chapter 142 of 2010 2011 - S2983 - Chapter 392 of 2011
FISCAL IMPLICATIONS: None to the State.
EFFECTIVE DATE:This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 4116 2013-2014 Regular Sessions IN SENATE March 8, 2013 ___________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 392 of the laws of 2011, 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
[thir- teen]FIFTEEN, a tax of fifty cents for each one hundred dollars and each remaining major fraction thereof of principal debt or obligation 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.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09734-01-3