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Sponsors
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History
- Approval memo.6
- Signed chap.394
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.290
- Substituted for A9490
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 60–2
- Ordered to third reading cal.1968
- Committee discharged and committed to rules
Show 1 earlier action
- Referred to local government
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 certain recording taxes
Assembly Floor Calendar · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, the public authorities law, and the tax law, in relation to certain recording taxes
Purpose
This legislation will not allow Industrial Development Agencies (IDAs) to exempt the .25% of the mortgage recording tax that is allocated to New York transit authorities.
Summary of provisions
Section 1: Amends § 874(1) of the General Municipal Law to eliminate the IDA exemption from the mortgage recording tax for the .25% that is allocated to transit authorities.
Section 2: Amends § 1963(1) of the Public Authorities Law to eliminate the Troy Industrial Development Agency's exemption from the mortgage recording tax for the .25% that is allocated to transit authorities.
Section 3: Amends § 2326(1) of the Public Authorities Law to eliminate the Auburn Industrial Development Agency's exemption from the mortgage recording tax for the .25% that is allocated to transit authorities.
Section 4: Amends § 252 of the Tax Law to eliminate the ability of IDAs to exempt the .25% of the mortgage recording tax for properties located in Metropolitan Commuter Transportation District, the Niagara Frontier Transportation District, the Rochester-Genesee Transportation District, the Capital Region Transportation District and the Central New York Transportation District.
Section 5: Amends § 253(2)(a) of the Tax Law to eliminate the ability of IDAs to exempt the .25% of the mortgage recording tax for properties located in the Metropolitan Commuter Transportation District, the Niagara Frontier Transportation District, the Rochester-Genesee Transportation District, the Capital Region Transportation District and the Central New York Transportation District.
Section 6: Establishes the effective date.
Justification
New York law gives .25% of the mortgage recording tax for each transaction to our regional transportation companies. The goal was to provide our transportation authorities with a reliable recurring source of revenue to fund operations and capital expenses. However in recent years, IDAs have begun providing many economic development projects and businesses exemptions to the mortgage recording tax. This deprives our transportation authorities of needed revenue at a time when they are experiencing great fiscal stress.
It is estimated that transit authorities in Upstate NY have lost the following amounts from these exemptions. The Central NY Regional Transit Authority (Centro) estimated a loss of $323,000 per year over the last three fiscal years. In Buffalo, the Niagara Frontier Transportation Authority (NFTA) estimated a loss of $454,000 per year in fiscal years 2012 and 2013. The Rochester-Genesee Regional Transportation Authority (RGRTA) estimated a loss of $610,000 per year in fiscal years 2014 and 2015. In Albany, the Capital District Transportation Authority (CDTA) estimated a loss of $888,000 in fiscal year 2014. These are significant financial losses for Upstate Transportation Authorities; funds that could go to new bus purchases, staffing, maintenance and capital costs. This legislation will not allow IDAs to exempt the .25% portion of the mortgage recording tax that goes to transportation authorities. This will restore this recurring revenue stream for the transportation authorities, and allow them to make additional investments in improving service.
Legislative history
New bill.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.