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History
- Referred to investigations and government operations
Companion bill
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Amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
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 the timing of distribution of mortgage recording tax revenues by counties
Purpose
This legislation amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties.
Summary of 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 operations. 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 mortgage recording tax revenue on a six month basis. However, many municipalities across the East End Supervisors and Mayors' Association adopted a memorializing resolution requesting Suffolk County to distribute mortgage tax revenues to its towns and villages on a monthly or quarterly basis.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.