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History
- Referred 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 Assembly Committee · Ways And Means · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3174
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 legislature to amend local laws to impose a twenty-five cent per each one hundred dollars mortgage recording tax on obligations secured by a mortgage 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 mortgage 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This act shall take effect on the thirtieth day after it shall have become law, and shall expire and be deemed repealed on December 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.