Bill S4556-2013

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

Relates to the mortgage recording tax in the county of Fulton, to extend the effectiveness of such chapter.

Details

Actions

  • Jun 21, 2013: SUBSTITUTED BY A6573
  • Jun 4, 2013: ADVANCED TO THIRD READING
  • Jun 3, 2013: 2ND REPORT CAL.
  • May 30, 2013: 1ST REPORT CAL.869
  • Apr 10, 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:S4556

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 extend the "sunset" date to November 30, 2015.

EXISTING LAW:

Chapter 489 of 2004 is currently scheduled to expire on November 30, 2013.

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, 2009 and 2011, and is currently scheduled to expire on November 30, 2013. 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:

Maintains the current revenue stream received by Fulton County from the additional mortgage recording tax.

EFFECTIVE DATE:

Immediate.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 4556 A. 6573 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y April 10, 2013 ___________
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 393 of the laws of 2011, is amended to read as follows: S 2. This act shall take effect immediately and shall expire November 30, [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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