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History
- Substituted by A6573
- Advanced to third reading
- 2nd report cal.
- 1st report cal.869
- 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.
Amends chapter 489 of the laws of 2004, relating to the mortgage recording tax in the county of Fulton, to extend the effectiveness of such chapter
Signed by Governor · Sponsor Marc Butler
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4556
Title of bill
An act to amend chapter 489 of the laws of 2004, amending the tax law relating to the mortgage recording tax in the county of Fulton, in relation to the effectiveness of such chapter
Purpose
To extend, for another two years, the ability of Fulton County to collect an additional mortgage recording tax.
Summary of provisions
The effective date of Chapter 489 of the Laws of 2004 -- which authorized Fulton County to impose an additional mortgage recording tax -- is amended to extend the "sunset" date to November 30, 2015.
Existing law
Chapter 489 of 2004 is currently scheduled to expire on November 30, 2013.
Justification
In 2004, the Fulton County Board of Supervisors requested legislation to impose an additional mortgage recording tax in order to help address its financial needs. This authorization was subsequently renewed in 2005, 2007, 2009 and 2011, and is currently scheduled to expire on November 30, 2013. These revenues are a necessary part of the County's financial plan, and this bill would extend, for another two years, the authority of Fulton County to impose this additional mortgage recording tax.
Fiscal implications
None to the State.
Local fiscal implications
Maintains the current revenue stream received by Fulton County from the additional mortgage recording tax.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.