What's happening
This bill extends the authorization for Essex County to impose an additional mortgage recording tax until December 1, 2021.
Why it matters
Continued Funding for Local Services. By extending Essex County's ability to collect this additional mortgage recording tax, the bill helps ensure ongoing funding for county services and infrastructure projects that may rely on this revenue source.
Impact on Homebuyers and Real Estate Transactions. The continuation of this tax can affect the cost of buying property in Essex County, as it adds to the expenses involved in mortgage transactions, potentially influencing affordability and real estate market dynamics.
Local Autonomy and Flexibility. The extension reaffirms the state's willingness to grant local governments flexibility to address their own fiscal needs, reflecting a broader policy of allowing counties to manage certain tax levers in response to their unique financial situations.
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Who cares
Headline styles
Extend Essex Mortgage Tax
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Signed chap.14
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.15
- Substituted for A211
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 52–11
- Home rule request
- Ordered to third reading cal.83
Show 2 earlier actions
- 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
Assembly Floor Calendar · Sponsor Dan Stec
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
720
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
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 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.
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 provisions of law relating to authorizing 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 2 contains the effective date.
Justification
The Essex County Board of Supervisors has requested the introduction of legislation extending their authority to impose an additional mortgage recording tax to December 1, 2021. This bill gives State authorization to Essex County to enact a local law to impose an additional mortgage recording tax prospectively after enactment. This bill does not give the County the authority to retroactively impose and collect this tax start- ing on December 1, 2018.
Legislative history
2017-2018: S.7621 (Passed Senate) 2015-2016: S.3522 (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.