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History
- Referred to investigations and government operations
Companion bill
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Authorizes the county of Cayuga to impose an additional mortgage recording tax
In Assembly Committee · Ways And Means · Sponsor Gary Finch
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7165
Title of bill
An act to amend the tax law, in relation to authorizing the county of Cayuga 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
Summary of provisions
This bill would provide the County of Cayuga to impose an additional mortgage recording tax and expend the existing mortgage recording tax on necessary county services.
Provides that this act shall take effect on the sixtieth day after it shall have become a law and shall expire December 1, 2017.
Purpose and justification
For several years Cayuga County has been on a deficit budget. As a result the cash reserves have been reduced to the minimum allowed by the County's policy and cannot sustain its spending pattern. This Mortgage Recording Tax would allow only those recording a mortgage and refinancing to pay a portion over their original balance and authorizing Cayuga County to expend the existing mortgage recording tax on necessary county services. The county already has authority to raise the " additional tax" under section 253 (2)(a)of Tax Law, for an additional $.25 per $100 of mortgage value.
Existing law
Section 253(2)(a)of Tax Law
Prior legislative history
New legislation.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law and shall expire December 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.