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BILL NUMBER: S52207
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 :
This bill extends for two years the mortgage recording tax in the city
of Yonkers until the year 2011.
SUMMARY OF PROVISIONS :
This bill amends subdivision 1 of section 253-d of the tax law, as
amended by chapters 383 of the laws of 2007.
EXISTING LAW :
Under present law the city of Yonkers mortgage recording tax expires
August 31, 2009.
JUSTIFICATION :
In order for the City of Yonkers to adopt its Fiscal Year 2009-10
S T A T E O F N E W Y O R K
________________________________________________________________________
207
Third Extraordinary Session
I N S E N A T E
June 24, 2009
___________
Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
twice and ordered printed, and when printed to be committed to the
Committee on Rules
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 383 of the laws of 2007, 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 [nine]
ELEVEN, 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 situ-
ated within such city and recorded on or after the date upon which such
tax takes effect and a tax of fifty cents on such mortgage if the prin-
cipal 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.
LBD10492-01-9
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