What's happening
This bill extends the expiration of the mortgage recording tax imposed by the city of Yonkers from 2017 to 2019.
Why it matters
Continued Revenue for Yonkers. By extending the mortgage recording tax, the city of Yonkers will maintain a source of local revenue that can support city services, infrastructure, or budget needs without raising property or income taxes.
Potential Impact on Homebuyers and Borrowers. The extension could affect the total closing costs for people purchasing or refinancing property in Yonkers, as the tax is applied to the principal amount secured by a mortgage.
Local Fiscal Stability. The legislation provides Yonkers with more predictability in financial planning, allowing for more stable budgeting and potentially averting shortfalls that could lead to service cuts or other tax increases.
Precedent for Other Local Taxes. Extending such a local-option tax may encourage or justify similar measures in other municipalities, shaping how cities in New York manage their own tax authority and fiscal autonomy.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Extend Yonkers Mortgage Tax
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Advanced to third reading cal.349
- Reported
- Referred to ways and means
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.
Extend Yonkers Mortgage Tax
In Senate Committee · Investigations And Government Operations · Sponsor Andrea Stewart-Cousins
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6365
2017-2018 Regular Sessions
IN ASSEMBLY
March 6, 2017
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to extending the expiration of the mortgage recording tax imposed by the city of Yonkers
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 253-d of the tax law, as amended by chapter 22 of the laws of 2015, is amended to read as follows:
1. The city of Yonkers, acting through its local legislative body, is hereby authorized and empowered to adopt and amend local laws imposing in any such city during the period beginning September first, nineteen hundred ninety-three and ending August thirty-first, two thousand [seventeen] nineteen, a tax of fifty cents for each one hundred dollars and each remaining major fraction thereof of principal debt or obligation which is or under any contingency may be secured at the date of execution thereof, or at any time thereafter, by a mortgage on real property situated within such city and recorded on or after the date upon which such tax takes effect and a tax of fifty cents on such mortgage if the principal debt or obligation which is or by any contingency may be secured by such mortgage is less than one hundred dollars.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02778-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.