Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 03, 2010 |
referred to investigations and government operations |
Senate Bill S6756
2009-2010 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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-S6756 (ACTIVE) - Details
2009-S6756 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6756 TITLE OF BILL : An act to amend the tax law, in relation to the timing of distribution of mortgage recording tax revenues by counties PURPOSE : This legislation amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties. SUMMARY OF PROVISIONS : Subdivision 3 of section 261 of the tax law is amended to allow for the more timely distribution of recording mortgage tax revenues by counties. JUSTIFICATION : Local governments throughout the State rely on budgeted mortgage tax revenues to support their respective general fund operations. Due to an economic downturn over the past two years, mortgage tax revenues have declined dramatically back to levels not seen in over a decade. This has resulted in local governments experiencing increased pressure on the property tax base as well as severe cash flow constraints. Current law allows the governing boards of certain counties the option of distributing payments of the mortgage tax revenue payments to its
2009-S6756 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6756 I N S E N A T E February 3, 2010 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the timing of distribution of mortgage recording tax revenues by counties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of section 261 of the tax law, as amended by chapter 287 of the laws of 2006, is amended to read as follows: 3. On or before the tenth day of each month the recording officer of each county shall pay over to the county treasurer of said county, and in the counties of New York, Kings, Queens, Richmond and Bronx to the commissioner of finance of the city of New York for credit to the gener- al fund of such city, the balance of the moneys received during the preceding month upon account of taxes paid to him or her as herein prescribed, after deducting the necessary expenses of his or her office as provided in section two hundred sixty-two of this article, except taxes paid upon mortgages which under the provisions of section two hundred sixty of this article are first to be apportioned by the commis- sioner, which taxes and money shall be paid over by the commissioner of finance of the city of New York as provided by the determination of the commissioner. In each county not within the city of New York, the whole of the net amount of such balance, after the deduction by the county treasurer of the necessary expenses of his or her office provided in section two hundred sixty-two of this article, shall be held by him or her and shall be allocated to the tax districts of the county according to the location of the real property covered by the respective mortgages upon which the tax was collected. [The recording officer and county treasurer shall prepare a joint semi-annual report on or before May fifteenth and on or before November fifteenth in each year showing the amounts to be credited to each tax district of the county of the moneys collected under this article during the preceding periods of six months each which ended respectively on March thirty-first and September thir- tieth. Such report shall be made in duplicate in accordance with the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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