senate Bill S4556

Amends chapter 489 of the laws of 2004, relating to the mortgage recording tax in the county of Fulton, to extend the effectiveness of such chapter

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Sponsor

Bill Status


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

  • 10 / Apr / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 30 / May / 2013
    • 1ST REPORT CAL.869
  • 03 / Jun / 2013
    • 2ND REPORT CAL.
  • 04 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 21 / Jun / 2013
    • SUBSTITUTED BY A6573

Summary

Relates to the mortgage recording tax in the county of Fulton, to extend the effectiveness of such chapter.

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Bill Details

See Assembly Version of this Bill:
A6573
Versions:
S4556
Legislative Cycle:
2013-2014
Law Section:
Tax Law
Laws Affected:
Amd ยง2, Chap 489 of 2004
Versions Introduced in Previous Legislative Cycles:
2011-2012: S3721, A5813
2009-2010: S4832, A8115
2007-2008: A2997

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:S4556

TITLE OF BILL: An act to amend chapter 489 of the laws of 2004,
amending the tax law relating to the mortgage recording tax in the
county of Fulton, in relation to the effectiveness of such chapter

PURPOSE:

To extend, for another two years, the ability of Fulton County to
collect an additional mortgage recording tax.

SUMMARY OF PROVISIONS:

The effective date of Chapter 489 of the Laws of 2004 -- which
authorized Fulton County to impose an additional mortgage recording
tax -- is amended to extend the "sunset" date to November 30, 2015.

EXISTING LAW:

Chapter 489 of 2004 is currently scheduled to expire on November 30,
2013.

JUSTIFICATION:

In 2004, the Fulton County Board of Supervisors requested legislation
to impose an additional mortgage recording tax in order to help
address its financial needs. This authorization was subsequently
renewed in 2005, 2007, 2009 and 2011, and is currently scheduled to
expire on November 30, 2013. These revenues are a necessary part of
the County's financial plan, and this bill would extend, for another
two years, the authority of Fulton County to impose this additional
mortgage recording tax.

FISCAL IMPLICATIONS:

None to the State.

LOCAL FISCAL IMPLICATIONS:

Maintains the current revenue stream received by Fulton County from
the additional mortgage recording tax.

EFFECTIVE DATE:

Immediate.

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

    S. 4556                                                  A. 6573

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 10, 2013
                               ___________

IN  SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations and Government Operations

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

AN ACT to amend chapter 489 of the laws of 2004, amending  the  tax  law
  relating  to  the  mortgage  recording tax in the county of Fulton, in
  relation to the effectiveness of such chapter

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 2 of chapter 489 of the laws of 2004, amending the
tax law relating to the mortgage recording tax in the county of  Fulton,
as  amended  by  chapter  393 of the laws of 2011, is amended to read as
follows:
  S 2. This act shall take effect immediately and shall expire  November
30,  [2013] 2015 when upon such date the provisions of this act shall be
deemed repealed.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10209-01-3

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