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
Continues a significant revenue stream for Yonkers. Extending the mortgage recording tax allows the city to keep collecting funds that may support local infrastructure, schools, or municipal services, helping to stabilize city finances.
May influence real estate market dynamics. Maintaining this tax could slightly increase the cost of obtaining a mortgage in Yonkers, potentially impacting homebuyers’ and investors’ decisions compared to neighboring areas without such a tax.
Demonstrates legislative support for local fiscal autonomy. By allowing Yonkers to continue imposing this tax, the state affirms the city’s authority to address its own budgetary needs through local taxation options.
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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 investigations and government operations
- Returned to senate
- Died in assembly
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–3
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1181
- 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.
Extend Yonkers Mortgage Tax
In Assembly Committee · Ways And Means · Sponsor J. Gary Pretlow
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1756
2017-2018 Regular Sessions
IN SENATE
January 10, 2017
Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations
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.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to extending the expiration of the mortgage recording tax imposed by the city of Yonkers
Purpose or general idea of bill
To extend the expiration of the mortgage recording tax imposed by the City of Yonkers.
Summary of specific provisions
Section 1 of the bill amends Subdivision 1 of Section 253-d of the tax law as amended by Chapter 22 of the Laws of 2015 to extend the expiration of the mortgage recording tax imposed by the City of Yonkers to August 31, 2019.
Section 2 is the immediate effective date.
Justification
In order for the City of Yonkers to adopt its budget, the Mortgage Recording Tax must be extended since these revenues are included in the City of Yonkers' budget.
Legislative history
2015 - S3878 - Chapter 22 of 2015 2013 - S.4116 - Chapter 76 of 2013 2011 - S.2983 - Chapter 392 of 2011 2009 -.S.3334 - Chapter 142 of 2009 2007 - S.4138 - Chapter 383 of 2007.
Fiscal implications
None to the State.
Effective date
The 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.