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A211Assembly2019-2020 SessionSame asS720

Extend Essex Mortgage Tax

Official title

“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”

Sponsor Dan StecAD-114Affects Finance
Status
Assembly Floor Calendar
Impact
3/10
Low
Outcome
Companion signed

Bill progress

Signed via S720

What's happening

This bill extends the expiration date for Essex County's authority to impose an additional mortgage recording tax until December 1, 2021.

Why it matters

  1. Continued Revenue for County Services. By extending the authority for Essex County to impose an additional mortgage recording tax, the bill ensures a continued source of local revenue that can support county services, infrastructure, and programs.

  2. Potential Impact on Homebuyers and Borrowers. The extension means individuals taking out mortgages in Essex County will continue to pay this additional tax, which could slightly increase the cost of home purchases or refinancing.

  3. Local Fiscal Stability. The extended tax helps Essex County maintain fiscal stability and plan its budget more reliably, especially important for rural or less-populated counties with limited revenue options.

  4. Reflects Ongoing Local Need. The repeated extension of this tax authority highlights the county's ongoing need for supplemental funding, suggesting that local officials consider it vital for meeting community needs.

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Who cares

Headline styles

Extend Essex Mortgage Tax

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Dan Stec

Assembly Member · Assembly District 114

No co-sponsors yet.

History

  1. Substituted by S720
  2. Ordered to third reading rules cal.15
  3. Rules report cal.15
  4. Reported
  5. Reported referred to rules
  6. 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.

S720Senate

Extend Essex Mortgage Tax

Signed by Governor · Sponsor Betty Little

Impact 3 · LowSigned into law

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

211

2019-2020 Regular Sessions

IN ASSEMBLY (Prefiled)

January 9, 2019

Introduced by M. of A. STEC -- read once and referred to the Committee on Ways and Means

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 and shall be deemed to have been in full force and effect on and after December 1, 2018.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD06329-01-9

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.