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Who cares
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Sponsors
2 Co-sponsors
History
- Held for consideration in ways and means
- Referred to ways and means
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9503
Title of bill
An act to amend the tax law, in relation to increasing mortgage recording taxes for certain counties
Purpose or general idea of bill
To provide a source of stable funding for regional transportation authorities outside of the MTA district.
Summary of specific provisions
Section 1 amends the tax law to increase the portion of the mortgage recording tax that is dedicated to regional transportation authorities outside of the MTA district from twenty-five cents for each hundred dollars to fifty cents for each hundred dollars. The mortgage recording tax is levied on the total principal debt of a mortgage over and above the first ten thousand dollars.
Section 2 establishes an effective date.
Justification
As the economy has declined, shrinking State revenues means that the State is forced to reduce spending on important public services. Public transportation is a vital public service, particularly in urban areas. For those with low incomes, public transportation may be their only method of getting to work. As the State is no longer able to support public transportation at the same level that it has in the past, these authorities are exploring other ways to recover the lost revenue while continuing to provide a necessary service. One such method is to increase the portion of the mortgage recording tax dedicated to regional transportation authorities. This relatively small tax levy will trans- late into significantly improved funding sources for these authorities and reduce their dependence on grants from the State.
Prior legislative history
None.
Fiscal implications
None to the state. The additional revenue generated by this increased levy will go directly to local regional transportation authorities.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.