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History
- Print number 7652a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
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.
Relates to authorizing the county of Tompkins to impose a county recording tax on obligation secured by a mortgage on real property
In Senate Committee · Rules · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7652A
Title of bill
An act to amend the tax law, in relation to authorizing the county of Tompkins to impose a county recording tax on obligation secured by a mortgage on real property; and providing for the repeal of such provisions upon expiration thereof
Purpose
To authorize the Tompkins County Legislature to adopt and amend local laws imposing a twenty-five cent per each one hundred dollars mortgage recording tax on obligations secured by a mortgage on real property.
Summary of provisions
The bill adds § 253-y to tax law to authorize the Tompkins County legis- lature to amend local laws to impose a a twenty-five cent per each one hundred dollars mortgage recording tax on obligations secured by a mort- gage on real property. The taxes are to be administered and collected in the same manner as the taxes imposed under subdivision one of § 253 and paragraph (b) of section § 255 of this article. Each enactment of a local law imposing a tax or repealing or suspending such a tax shall take effect only on the first day of a calendar month.
Existing law
§ 253, § 255 of Tax Law
Justification
The Tompkins County Legislature passed a resolution requesting that the New York State Legislature enact legislation permitting Tompkins County to increase the mortgage recording tax on obligations secured by a mort- gage on real property.
Legislative history
None.
Fiscal implications
None to the State.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law, and shall expire and be deemed repealed on December 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.