What's happening
This bill extends the authorization for the Town of Warwick's real estate transfer tax from 2025 to 2050.
Why it matters
Extends local funding for conservation. By prolonging the real estate transfer tax, the Town of Warwick secures a stable funding source for its Community Preservation Fund, supporting land conservation, open space, and environmental initiatives for an additional 25 years.
Provides financial predictability for long-term planning. The extended authorization through 2050 allows Warwick to make longer-term commitments to preservation projects, infrastructure, and community development, benefiting both current and future residents.
Impacts real estate transactions in Warwick. Buyers and sellers will continue to be subject to the transfer tax on real estate sales, which may influence transaction costs and local real estate market dynamics for a generation.
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Who cares
Headline styles
Extend Warwick Transfer Tax
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to local governments
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 Warwick Preservation Tax
In Assembly Committee · Local Governments · Sponsor Jen Metzger
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
9848
IN ASSEMBLY
February 20, 2020
Introduced by M. of A. BRABENEC -- read once and referred to the Committee on Local Governments
AN ACT to amend chapter 262 of the laws of 2005, amending the tax law relating to authorizing the town of Warwick to impose a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund, in relation to the effectiveness thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 4 of chapter 262 of the laws of 2005, amending the tax law relating to authorizing the town of Warwick to impose a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund, is amended to read as follows:
§ 4. This act shall take effect immediately; provided, however, that section two of this act shall take effect on the one hundred eightieth day after it shall have become a law and shall expire December 31, [2025] 2050 when upon such date the provisions of such section two shall expire and be deemed repealed.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15429-01-0
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.