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History
- Referred to investigations and government operations
Companion bill
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Authorizes Chemung county to impose an additional mortgage recording tax and authorizes such county to expend existing mortgage recoding tax on county services
In Senate Committee · Rules · Sponsor Thomas F. O'Mara
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 authorizing the county of Chemung to impose an additional mortgage recording tax and authorizing such county to expend the existing mortgage recording tax on necessary county services; and providing for the repeal of such provisions upon expiration thereof
Purpose
To authorize Chemung County to impose an additional .25% mortgage recording tax and expend the existing mortgage recording tax on county services for a 3 year period.
Summary of provisions
Section 1 amends the tax law by adding a new section 253-y to allow Chemung County to impose an additional .25 % mortgage recording tax. A new Section 253-y(2) is enacted to provide that the taxes so imposed shall be collected and administered in the same manner as previously established under subdivision one of section 253. Section 253-y(3) refers to the method of calculation for the mortgage recording tax when the real property is situated partially within Chemung County and other adjacent counties or when the property is partially within Chemung county and partially outside the state's borders. When the property is both within and without, the county where the mortgage is first recorded shall be required to collect the taxes pursuant to this section. Section 253-y(4) provides that the mortgage recording tax shall be in addition to the taxes imposed under section 253 of the tax law. Section 253-y(5) provides that the net revenue generated and collected as a result of the mortgage recording tax shall be deposited into the Chemung County general fund for disbursement to fund any county purpose. Section 253-y(6) provides that the imposition, suspension, or repeal of the mortgage tax in Chemung County, as outlined in Section 253-y, may only take effect on the first date of a calendar month. Section 253-y(7) requires certified copies of the law as described in Section 253-y to be filed with the Chemung County Clerk, the Secretary of State, and the State Comptroller within five days after the date it is duly enacted. Section 2 Paragraphs (p) and (q) of subdivision 1 of section 261 of the tax law, as amended by Chapter 365 of the Laws of 2005, are amended and a new paragraph (r) is added to allow the County Treasurer of Chemung to deposit revenue from the mortgage recording tax into the County's general fund to pay costs and expenses incurred by the County to provide necessary services. Section 3 of the bill provides for a 60 day effective date after it becomes law and for expiration in December 2013.
Justification
The Chemung County Legislature has found it necessary to impose a .25% mortgage recording tax. The County has requested this bill due to increased costs and expenses incurred by the County of Chemung to provide necessary services. The County has chosen the imposition of this tax as an alternative to imposing an additional burden upon property owners through the property tax.
Legislative history
New Bill.
Fiscal implications
None.
Local fiscal implications
Approximately $200,000 per year in additional revenue.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law and shall expire and be deemed repealed December 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.