|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 11, 2012||
referred to ways and means
delivered to assembly
|May 30, 2012||
advanced to third reading
|May 23, 2012||
2nd report cal.
|May 22, 2012||
1st report cal.853
|Jan 04, 2012||
referred to investigations and government operations
|Jan 13, 2011||
referred to investigations and government operations
senate Bill S1858
Amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
view actions (8)
Jun 11, 2012 - floor VoteS1858581floor58Aye1Nay0Absent3Excused0Abstained
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Floor Vote: Jun 11, 2012aye (58)
May 22, 2012 - Investigations and Government Operations committee VoteS185870committee7Aye0Nay1Aye with Reservations0Absent0Excused0Abstained
- show floor vote details
S1858 - Bill Details
S1858 - Bill Texts
Amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties.
view sponsor memo
TITLE OF BILL:
to amend the tax law, in relation to the timing of distribution of
mortgage recording tax revenues by counties
PURPOSE OR GENERAL IDEA OF BILL:
This legislation amends the tax law in relation to the timing of
distribution of mortgage recording tax revenues by counties.
SUMMARY OF SPECIFIC 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
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
Current law allows the governing boards of certain counties the option
of distributing payments of the mortgage tax revenue payments to its
respective tax districts on a monthly, quarterly or biannual basis.
Counties such as Suffolk choose to administer the distribution of
mortgage recording tax revenue on a six month basis. However, many
municipalities across the State are now finding that monthly or
quarterly distribution is necessary. The East End Supervisors and
Mayors Association adopted a memorializing resolution requesting
Suffolk County to distribute mortgage tax revenues to its towns and
villages on a monthly or quarterly basis.
PRIOR LEGISLATIVE HISTORY:
2010: A.9765/S.6756 - Remained in Committee
To be determined.
This act shall take effect immediately.
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S T A T E O F N E W Y O R K ________________________________________________________________________ S. 1858 A. 2085 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y January 13, 2011 ___________ IN SENATE -- Introduced by Sen. LAVALLE -- 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. THIELE -- read once and referred to the Committee on Ways and Means 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03852-01-1 S. 1858 2 A. 2085 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 rules and regulations of the commissioner and filed with the clerk of the board of supervisors and the commissioner. The board of supervisors, on or before the fifteenth day of June and on or before the fifteenth day of December in each year, shall issue its warrant for the payment to the respective tax districts of the amounts so credited, provided, however, that in] IN a county in which a town contains within its limits an incorporated village, or portion thereof, the board of supervisors shall apportion to such village so much of the share credited to the town as the assessed value of said village or portion thereof bears to twice the total assessed valuation of the town[, and provided, further, that, at the option of the]. THE governing board of the county[, the county may instead] SHALL prepare and file [such] a joint report and make such payments on EITHER a monthly or quarterly basis. Where the county elects to make monthly payments, the recording officer and county treasurer shall prepare a joint report on or before the fifteenth day of each month showing the amounts to be credited to each tax district of the county and the moneys collected under this article for the month preceding the most recently concluded month, and the board of supervi- sors shall issue its warrant for payment on or before the fifteenth day of the following month. Where the county elects to make quarterly payments, the recording officer and county treasurer shall prepare such a joint report on or before the fifteenth day of May, August, November, and February, showing the amounts to be credited to each tax district of the county of moneys collected under this article for the preceding three-month period ending March thirty-first, June thirtieth, September thirtieth, and December thirty-first, respectively and the board of supervisors shall issue its warrant for payment on or before the fifteenth day of June, September, December, and March, respectively. The warrant shall direct payment to the city treasurer of the amount due the city, to the town supervisor of the amount due the town, and to the village treasurer of the amount to which the village shall be entitled. Mortgage tax moneys allotted to cities, towns and villages shall be applied to the payment of the general expenses thereof. The commissioner shall prescribe the method of adjustment and correction of errors here- tofore or hereafter made in the distribution of moneys collected under this article. S 2. This act shall take effect immediately.
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