|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|May 10, 2011||referred to investigations and government operations|
senate Bill S5348
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5348 - Details
S5348 - Summary
Authorizes the county of Madison to impose an additional mortgage recording tax of twenty-five cents per one hundred dollars of debt.
S5348 - Sponsor Memo
BILL NUMBER:S5348 TITLE OF BILL: An act to amend the tax law, in relation to authorizing the county of Madison to impose an additional mortgage recording tax and providing for the repeal of such provisions upon the expiration thereof PURPOSE: This bill authorizes Madison County to impose an additional mortgage recording tax of twenty-five cents per one hundred dollars of debt. SUMMARY OF PROVISIONS: Section 1 authorizes the imposition of a twenty-five cent tax for each one hundred dollars by a mortgage on real property situated within Madison County and describes the method of administration and collection of the tax. Section 2 sets forth the effective date. JUSTIFICATION: This bill was introduced at the request of the Madison County Board of Supervisors, who by resolution adopted on April 13,2010 has requested that the New York State Legislature authorize Madison County to impose an additional mortgage recording tax in
S5348 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5348 2011-2012 Regular Sessions I N S E N A T E May 10, 2011 ___________ Introduced by Sen. VALESKY -- 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 authorizing the county of Madison to impose an additional mortgage recording tax and providing for the repeal of such provisions upon the expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 253-y to read as follows: S 253-Y. RECORDING TAX IMPOSED BY THE COUNTY OF MADISON. 1. MADISON COUNTY, ACTING THROUGH ITS LOCAL LEGISLATIVE BODY, IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IMPOSING IN SUCH COUNTY A TAX OF TWENTY-FIVE 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 SITUATED WITHIN SUCH COUNTY AND RECORDED ON OR AFTER THE DATE UPON WHICH SUCH TAX TAKES EFFECT AND A TAX OF TWENTY-FIVE CENTS ON SUCH MORTGAGE IF THE PRINCIPAL DEBT OR OBLIGATION WHICH IS OR BY ANY CONTINGENCY MAY BE SECURED BY SUCH MORTGAGE IS LESS THAN ONE HUNDRED DOLLARS. 2. THE TAXES IMPOSED UNDER THE AUTHORITY OF THIS SECTION SHALL BE ADMINISTERED AND COLLECTED IN THE SAME MANNER AS THE TAXES IMPOSED UNDER SUBDIVISION ONE OF SECTION TWO HUNDRED FIFTY-THREE AND PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION TWO HUNDRED FIFTY-FIVE OF THIS ARTICLE. EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, ALL THE PROVISIONS OF THIS ARTICLE RELATING TO OR APPLICABLE TO THE ADMINISTRATION AND COLLECTION OF THE TAXES IMPOSED BY SUCH SUBDIVISIONS SHALL APPLY TO THE TAXES IMPOSED UNDER THE AUTHORITY OF THIS SECTION WITH SUCH MODIFICATIONS AS MAY BE NECESSARY TO ADAPT SUCH LANGUAGE TO THE TAX SO AUTHORIZED. SUCH PROVISIONS SHALL APPLY WITH THE SAME FORCE AND EFFECT AS IF THOSE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03570-01-1
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