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History
- Print number 5487a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S5487A
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 the Chemung 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 Chemung 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 Chemung County Legislature passed a resolution requesting that the New York State Legislature enact legislation permitting Chemung County to increase the mortgage recording tax on obligations secured by a mortgage on real property.
Legislature history
2013, S.5487
Fiscal implications
None to the State.
Effective date
This act shall take effect on the sixtieth day after it shall have become law, and shall expire and be deemed repealed on December 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.