Extends the effectiveness of chapter 405 of the laws of 2005 for two years authorizing the county of Albany to impose a county mortgage recording tax.
Ayes (57): Addabbo, Avella, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Dilan, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Ball
Excused (3): Diaz, Espaillat, Hassell-Thomps
TITLE OF BILL: An act to amend chapter 405 of the laws of 2005 amending the tax law relating to authorizing the county of Albany to impose a county recording tax on obligations secured by a mortgage on real property, in relation to extending the effectiveness thereof
PURPOSE: Extends the effectiveness of chapter 311 of the laws of 2012 for two years.
SUMMARY OF PROVISIONS: Amends chapter 311 of 2012, extending the sunset from December 1, 2014 to December 1, 2016.
JUSTIFICATION: Currently, the county of Albany's mortgage recording tax is slated to sunset on December 1, 2014. In order for the county to continue generating revenue, the sunset must be extended. By imposing a tax of twenty-five cents for each one hundred dollars secured by a mortgage in Albany County, this measure would help generate revenue for the County and help to relieve the burdens placed on local taxpayers.
2012: Chapter 311 2010: Chapter 291 2008: Chapter 411 2006: Chapter 477 2005: Chapter 405
FISCAL IMPLICATIONS: None to the State.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ S. 6925 A. 9218 S E N A T E - A S S E M B L Y April 2, 2014 ___________IN SENATE -- Introduced by Sen. BRESLIN -- 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. FAHY, McDONALD, STECK -- read once and referred to the Committee on Ways and Means AN ACT to amend chapter 405 of the laws of 2005 amending the tax law relating to authorizing the county of Albany to impose a county recording tax on obligations secured by a mortgage on real property, in relation to extending the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 405 of the laws of 2005 amending the tax law relating to authorizing the county of Albany to impose a county recording tax on obligations secured by a mortgage on real property, as amended by chapter 311 of the laws of 2012, 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 and be deemed repealed on the first of December,
2016. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14565-01-4