Extends the authorization of the city of Oswego to impose an additional rate of sales and compensating use taxes.
TITLE OF BILL: An act to amend the tax law, in relation to extending the authorization of the city of Oswego to impose an additional rate of sales and compensating use taxes
PURPOSE: To authorize the City of Oswego to impose an additional rate of sales and compensating use taxes for the period beginning September 1, 2004 and ending November 30, 2015.
SUMMARY: Amends the tax law to authorize and empower the City of Oswego to adopt and amend local laws, ordinances, or resolutions to continue to impose a one percent additional tax rate during the period of September 1, 2004 and ending November 30, 2015.
JUSTIFICATION: On January 28, 2013 the Oswego Common Council unanimously passed Resolution No. 44 requesting their New York State Assembly and Senate representatives to pass a bill to authorize the City to continue the imposition of the additional 1% sales and use tax.
According to the City of Oswego, the increased sales tax has allowed the City of Oswego to maintain property tax rates and meet criteria for Aid and Incentives to Municipalities for additional revenue sharing. Annually, the increased sales tax revenue generates approximately $1.5 million in annual revenue. If the additional one percent is not extended for the City of Oswego, they estimate that this would cause a 21.3 percent increase in Property taxes. Further, opportunities for additional revenue sharing through AIM would also be lost.
S.5547 of 2011 - Chaptered. S.4247 of 2009 - Chaptered. S.5054 of 2007 - Chaptered. S.2534 of 2005 - Chaptered.
FISCAL IMPACT: None to the state.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 5063 2013-2014 Regular Sessions IN SENATE May 7, 2013 ___________Introduced by Sen. RITCHIE -- 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 extending the authorization of the city of Oswego to impose an additional rate of sales and compensating use taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Clause 6 of subparagraph (ii) of the opening paragraph of section 1210 of the tax law, as amended by chapter 254 of the laws of 2011, is amended to read as follows: (6) the city of Oswego is hereby further authorized and empowered to adopt and amend local laws, ordinances or resolutions imposing such taxes at a rate which is one percent additional to the three percent rate authorized above in this paragraph for such city for the period beginning September first, two thousand four, and ending November thir- tieth, two thousand
[thirteen]FIFTEEN; S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10464-01-3