What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties
In Senate Committee · Investigations And Government Operations · Sponsor Kenneth P. LaValle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9765
Title of bill
An act to amend the tax law, in relation to the timing of distribution of mortgage recording tax revenues by counties
Purpose or general idea of bill
This legislation amends the tax law in relation to the timing of distribution of mortgage recording tax reven- ues by counties.
Summary of specific provisions
Subdivision 3 of section 261 of the tax law is amended to allow for the more timely distribution of recording mortgage tax revenues by counties.
Justification
Local governments throughout the State rely on budgeted mortgage tax revenues to support their respective general fund oper- ations. Due to an economic downturn over the past two years, mortgage tax revenues have declined dramatically back to levels not seen in over a decade. This has resulted in local governments experiencing increased pressure on the property tax base as well as severe cash flow constraints.
Current law allows the governing boards of certain counties the option of distributing payments of the mortgage tax revenue payments to its respective tax districts on a monthly, quarterly or biannual basis. Counties such as Suffolk choose to administer the distribution of mort- gage recording tax revenue on a six month basis. However, many munici- palities across the State are now finding that monthly or quarterly distribution is necessary. The East End Supervisors and Mayors Associ- ation adopted a memorializing resolution requesting Suffolk County to distribute mortgage tax revenues to its towns and villages on a monthly or quarterly basis.
Prior legislative history
New legislation, 2010.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.