Extends the period during which the county of Genesee is authorized to impose a county recording tax on certain mortgage obligation.
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 579 of the laws of 2004, amending the tax law relating to authorizing the county of Genesee to impose a county recording tax on certain mortgage obligation, in relation to extending the provisions of such chapter
PURPOSE AND JUSTIFICATION: The bill would extend the authority of Genesee County, acting through its local legislative body, to adopt a local law imposing a mortgage recording tax of 25 cents for each $100 of real property secured by a mortgage.
The Genesee County Legislature has passed a resolution requesting extension of its authority to charge a county mortgage recording tax. The tax is collected by the County the same time as the State mortgage recording taxes are. All revenue from the County Tax, after deducting expenses of mortgage recording offices, goes to the general fund of Genesee County for use as the County legislature approves.
SUMMARY OF SPECIFIC PROVISIONS: Extends the authority of Genesee County to impose an additional county recording tax on certain mortgage obligations until November 1, 2013.
PRIOR LEGISLATIVE HISTORY: 2010 - S.3175/A.6883 -- Chapter 117
FISCAL IMPLICATIONS: In 2008, Genesee County received in excess of $297,000 in revenue from this additional mortgage tax.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 4164 2011-2012 Regular Sessions IN SENATE March 22, 2011 ___________Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend chapter 579 of the laws of 2004, amending the tax law relating to authorizing the county of Genesee to impose a county recording tax on certain mortgage obligation, in relation to extending the provisions 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 579 of the laws of 2004, amending the tax law relating to authorizing the county of Genesee to impose a county recording tax on certain mortgage obligation, as amended by chapter 117 of the laws of 2009, is amended to read as follows: S 2. This act shall take effect on the thirtieth day after it shall have become a law; and shall expire on November 1,
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. LBD08718-01-1