Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 18, 2010 |
held for consideration in real property taxation |
Jan 06, 2010 |
referred to real property taxation |
Jun 05, 2009 |
referred to real property taxation |
Assembly Bill A8759
2009-2010 Legislative Session
Sponsored By
MILLER J
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A8759 (ACTIVE) - Details
- Current Committee:
- Assembly Real Property Taxation
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §924-a, RPT L
- Versions Introduced in 2011-2012 Legislative Session:
-
A6760
2009-A8759 (ACTIVE) - Sponsor Memo
BILL NUMBER:A8759 TITLE OF BILL: An act to amend the real property tax law, in relation to the rate of interest on late payment of taxes and delinquencies PURPOSE OR GENERAL IDEA OF BILL: Eliminates the twelve percent floor on the rate of interest payable on late payment of real property taxes and delinquencies. SUMMARY OF SPECIFIC PROVISIONS: Section One amends subdivision 2 of section 924-a of the real property tax law by deleting the following sentence: "Provided, however, the rate of interest prescribed by this subdivision shall in no event be less than 12 per centum per annum." JUSTIFICATION: Currently, the rates charged by many municipalities on delinquent property taxes are far higher than those charged by commonly available credit cards. There is no reason to force municipalities to charge a minimum interest rate on late tax payments. Doing so only increases the penalty on people who are already facing financial difficulty. The rate charged will still be set by the commissioner of tax and finance, pursuant to subsection (j) of section 697 of the tax law. The only change will be the elimination of the 12% floor on this rate. PRIOR LEGISLATIVE HISTORY:
2009-A8759 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8759 2009-2010 Regular Sessions I N A S S E M B L Y June 5, 2009 ___________ Introduced by M. of A. MILLER -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to the rate of interest on late payment of taxes and delinquencies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 924-a of the real property tax law, as amended by chapter 355 of the laws of 2003, is amended to read as follows: 2. The rate of interest applicable to the third calendar quarter of each year, as set by the commissioner of taxation and finance pursuant to subparagraph (A) of paragraph two of subsection (j) of section six hundred ninety-seven of the tax law, shall be the rate of interest applicable to unpaid real property taxes for purposes of this section. Such commissioner shall set such rate on or before the fifteenth day of July in each year. Such rate shall be effective for all warrants issued for a collection period commencing on or after the first day of Septem- ber next succeeding the date the rate of interest is set. [Provided, however, the rate of interest prescribed by this subdivision shall in no event be less than twelve per centum per annum.] The state board shall inform each affected municipality of any change in the rate established pursuant to this subdivision. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law and shall apply to interest chargeable or due on taxes or on any other amounts, or any portion thereof, which remain or become due on or after such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09674-01-9
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