Relates to the mortgage recording tax in the county of Tompkins.
TITLE OF BILL: An act to amend the tax law, in relation to the mortgage recording tax in the county of Tompkins
PURPOSE: To authorize the dedication of proceeds from the Tompkins County Mortgage Recording Tax (MRT) "additional tax" to be collected by the county treasurer for mass transportation purposes.
SUMMARY OF PROVISIONS: The bill adds section j-1 to tax law section 261 (1) to authorize the dedication of proceeds from the MRT "additional tax" for mass transportation purposes.
EXISTING LAW: Section 261 (1), section 253 (2) (a) of Tax Law
JUSTIFICATION: The Tompkins County Legislature passed a resolution requesting that the MRT "additional tax" proceeds be dedicated for mass transit, in state law. The county already has authority to raise the " additional tax" under section 253 (2) (a) of Tax Law, for an additional $.25 per $100 of mortgage value.
LEGISLATIVE HISTORY: New legislation.
FISCAL IMPLICATIONS: None to State.
EFFECTIVE DATE: Immediately
STATE OF NEW YORK ________________________________________________________________________ 4661 2013-2014 Regular Sessions IN SENATE April 17, 2013 ___________Introduced by Sen. O'MARA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the mortgage recording tax in the county of Tompkins THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 261 of the tax law is amended by adding a new paragraph (j-1) to read as follows: (J-1) WITH RESPECT TO THE COUNTY OF TOMPKINS, TO THE COUNTY TREASURER OF SUCH COUNTY FOR MASS TRANSPORTATION PURPOSES; S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10182-01-3