Bill S4437-2013

Extends the period during which the county of Genesee is authorized to impose a county recording tax on certain mortgage obligation

Extends the period during which the county of Genesee is authorized to impose a county recording tax on certain mortgage obligations.

Details

Actions

  • Jun 21, 2013: SUBSTITUTED BY A6732
  • Jun 4, 2013: ADVANCED TO THIRD READING
  • Jun 3, 2013: 2ND REPORT CAL.
  • May 30, 2013: 1ST REPORT CAL.861
  • Apr 1, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 30, 2013
Ayes (7): Marcellino, Carlucci, Golden, Nozzolio, O'Mara, Hoylman, Squadron
Ayes W/R (1): Zeldin
Excused (1): Diaz

Memo

BILL NUMBER:S4437

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, 2015.

PRIOR LEGISLATIVE HISTORY:

2009 - S.3175/A.6883 -- Chapter 117 2011 - S.4164/A.6576 -- Chapter 394

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.


Text

STATE OF NEW YORK ________________________________________________________________________ 4437 2013-2014 Regular Sessions IN SENATE April 1, 2013 ___________
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 394 of the laws of 2011, 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] 2015, when upon such date the provisions of this act shall be deemed repealed. S 2. This act shall take effect immediately.

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