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Sponsors
No co-sponsors yet.
History
- Substituted by A7252
- Ordered to third reading cal.708
- Referred to rules
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.
Authorizes the city of Peekskill to impose taxes on deeds
Signed by Governor · Sponsor Sandy Galef
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to taxes on deeds in the city of Peekskill
Purpose or general idea of bill
This bill would amend the Tax Law imposing tax on deeds by which real property is conveyed in the City of Peekskill.
Summary of specific provisions
This bill would amend section 1206 of the Tax Law:
1. To authorize that the local government body of the City of Peekskill, by the adoption and amendment of local laws, ordinances, or resolutions may impose in such city, may provide for the administration and collection of a tax on deeds by which real property is conveyed in the City as detailed in subdivision b of this section; and
2. Provide that in the City of Peekskill, a tax shall be imposed on each deed, by which any real property is conveyed, at a rate not to exceed one percent (1%), provided that the City allows deductions for any liens on such interest or property and may also allow an exemption not in excess of one hundred thousand dollars ($100,000.00) on the consideration or value of the interested or property conveyed. Such taxes shall not apply if the contract for any such conveyance was made prior to September 1, 2007.
Such taxes may be imposed on any conveyance or transfer of real property or interest by deed where the real property is located in such city regardless of where transactions, negotiations, transfers of deeds, or other actions in regard to the transfer or conveyance takes place. The payment of the filing of a return relating to any such taxes may be required as a condition precedent to the recording of a deed.
Justification
City of Peekskill Common Council seeks the authority to impose a tax on deeds or a "transfer tax" in the City of Peekskill that would take place when a property owner sells his or her property would be the way to raise the revenues needed to satisfy the City's budget requirement. The tax imposed would be at a rate of.2% (two tenths of one percent) of the consideration or value of the interest or property conveyed.
The City could allow deductions for any liens of such interest or property conveyed, and could also allow an exemption not in excess of one hundred thousand dollars ($100,000.00) on the consideration or value of the interest or property conveyed.
The taxes would not apply if the contract for any such conveyances was made prior to September 1, 2007.
The payment of and the filing of a return relating to any such taxes may be required as a condition precedent to the recording of a deed.
Prior legislative history
This is new legislation.
Fiscal implications
None for New York State, but increased taxes and revenues for the City of Peekskill.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.