senate Bill S6925

Signed by Governor

Extends the effectiveness of chapter 405 of the laws of 2005 for two years relating to authorization for the county of Albany to impose a mortgage recording tax

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Sponsor

Bill Status


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

  • 02 / Apr / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 13 / May / 2014
    • 1ST REPORT CAL.687
  • 14 / May / 2014
    • 2ND REPORT CAL.
  • 19 / May / 2014
    • ADVANCED TO THIRD READING
  • 19 / Jun / 2014
    • PASSED SENATE
  • 19 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 19 / Jun / 2014
    • REFERRED TO WAYS AND MEANS
  • 19 / Jun / 2014
    • SUBSTITUTED FOR A9218
  • 19 / Jun / 2014
    • ORDERED TO THIRD READING CAL.849
  • 19 / Jun / 2014
    • HOME RULE REQUEST
  • 19 / Jun / 2014
    • PASSED ASSEMBLY
  • 19 / Jun / 2014
    • RETURNED TO SENATE
  • 01 / Aug / 2014
    • DELIVERED TO GOVERNOR
  • 07 / Aug / 2014
    • SIGNED CHAP.234

Summary

Extends the effectiveness of chapter 405 of the laws of 2005 for two years authorizing the county of Albany to impose a county mortgage recording tax.

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Bill Details

See Assembly Version of this Bill:
A9218
Versions:
S6925
Legislative Cycle:
2013-2014
Law Section:
Albany County
Laws Affected:
Amd ยง2, Chap 405 of 2005

Sponsor Memo

BILL NUMBER:S6925

TITLE OF BILL: An act to amend chapter 405 of the laws of 2005
amending the tax law relating to authorizing the county of Albany to
impose a county recording tax on obligations secured by a mortgage on
real property, in relation to extending the effectiveness thereof

PURPOSE: Extends the effectiveness of chapter 311 of the laws of 2012
for two years.

SUMMARY OF PROVISIONS: Amends chapter 311 of 2012, extending the
sunset from December 1, 2014 to December 1, 2016.

JUSTIFICATION: Currently, the county of Albany's mortgage recording
tax is slated to sunset on December 1, 2014. In order for the county
to continue generating revenue, the sunset must be extended. By
imposing a tax of twenty-five cents for each one hundred dollars
secured by a mortgage in Albany County, this measure would help
generate revenue for the County and help to relieve the burdens placed
on local taxpayers.

LEGISLATIVE HISTORY:

2012: Chapter 311
2010: Chapter 291
2008: Chapter 411
2006: Chapter 477
2005: Chapter 405

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: Immediately.

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

    S. 6925                                                  A. 9218

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

                              April 2, 2014
                               ___________

IN SENATE -- Introduced by Sen. BRESLIN -- 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. FAHY, McDONALD, STECK -- read once
  and referred to the Committee on Ways and Means

AN ACT to amend chapter 405 of the laws of 2005  amending  the  tax  law
  relating  to  authorizing  the  county  of  Albany  to impose a county
  recording tax on obligations secured by a mortgage on  real  property,
  in relation to extending the effectiveness thereof

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

  Section 1. Section 2 of chapter 405 of the laws of 2005  amending  the
tax  law relating to authorizing the county of Albany to impose a county
recording tax on obligations secured by a mortgage on real property,  as
amended  by  chapter  311  of  the  laws  of 2012, is amended to read as
follows:
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have  become  a law and shall expire and be deemed repealed on the first
of December, [2014] 2016.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14565-01-4

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