senate Bill S4116

Extends the expiration of the mortgage recording tax imposed by the city of Yonkers

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Sponsor

Co-Sponsors

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 08 / Mar / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 30 / May / 2013
    • 1ST REPORT CAL.853
  • 03 / Jun / 2013
    • 2ND REPORT CAL.
  • 04 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 21 / Jun / 2013
    • SUBSTITUTED BY A7022

Summary

Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.

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Bill Details

See Assembly Version of this Bill:
A7022
Versions:
S4116
Legislative Cycle:
2013-2014
Law Section:
Tax Law
Laws Affected:
Amd ยง253-d, Tax L

Votes

7
0
7
Aye
0
Nay
1
aye with reservations
0
absent
1
excused
0
abstained
show Investigations and Government Operations committee vote details

Sponsor Memo

BILL NUMBER:S4116

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 392 of the Laws of 2011 to extend the
expiration of the mortgage recording tax imposed by the City of
Yonkers to August 31, 2015.

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: 2007 - S4138 - Chapter 383 of 2007 2009 - S3334
- Chapter 142 of 2010 2011 - S2983 - Chapter 392 of 2011

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE:This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4116

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 8, 2013
                               ___________

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  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 1 of section 253-d of the tax law, as amended
by chapter 392 of the laws of 2011, 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 [thir-
teen]  FIFTEEN,  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  mort-
gage  if the principal debt or obligation which is or by any contingency
may be secured by such mortgage is less than one hundred dollars.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09734-01-3

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