What's happening
This bill extends the authority for Essex County to impose an additional mortgage recording tax until December 1, 2021.
Why it matters
Extending the authority for an additional mortgage recording tax means Essex County can continue collecting extra revenue from property transactions for three more years, which could support county services or infrastructure projects.
This extension affects anyone buying or refinancing property in Essex County, as it keeps the additional cost in place until at least December 2021, potentially impacting real estate affordability and transaction volume.
By prolonging this tax, the county avoids a sudden drop in revenue that might otherwise require budget cuts or the search for alternative funding sources.
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Who cares
Headline styles
Extend Essex Mortgage Tax
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 45
No co-sponsors yet.
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–2
- Ordered to third reading cal.1574
- Committee discharged and committed to rules
- 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 Essex Mortgage Tax
In Assembly Committee · Rules · Sponsor Dan Stec
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7621
IN SENATE
January 31, 2018
Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations
AN ACT to amend chapter 327 of the laws of 2006, amending the tax law relating to authorizing the county of Essex to impose an additional mortgage recording tax, in relation to extending the expiration and repeal of such provisions
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3 of chapter 327 of the laws of 2006, amending the tax law relating to authorizing the county of Essex to impose an additional mortgage recording tax, as amended by chapter 289 of the laws of 2015, is amended to read as follows:
§ 3. This act shall take effect immediately; provided, however, that this act shall expire and be deemed repealed December 1, [2018] 2021.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14540-01-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend chapter 327 of the laws of 2006, amending the tax law relating to authorizing the county of Essex to impose an additional mortgage recording tax, in relation to extending the expiration and repeal of such provisions
Purpose
Extends from December 1, 2018 to December 1, 2021, the expiration of the authority of the county of Essex to impose an additional mortgage recording tax.
Summary of provisions
Section 1 amends Section 3 of Chapter 327 of the laws of 2006, as amended by chapter 289 of the laws of 2015 to authorize Essex County to impose an additional mortgage recording tax.
Section 3 contains the date of expiration.
Section 2 contains the effective date.
Existing law
The current law authorizes Essex County to impose the additional tax, but expires on December 1, 2018.
Justification
The Essex County Board of Supervisors has requested the introduction of legislation extending their authority to impose and additional mortgage recording tax to December 1, 2021.
Legislative history
2015: S.3522/A.5315 - Chapter 289
Fiscal implications
Will continue to generate necessary funding for Essex County.
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.