S T A T E   O F   N E W   Y O R K
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                                  3307

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 24, 2011
                               ___________

Introduced  by  M. of A. MAGNARELLI, LIFTON -- read once and referred to
  the Committee on Ways and Means

AN ACT to amend the tax law, in relation to increasing mortgage  record-
  ing taxes for certain counties

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (a) of subdivision 2 of section 253  of  the  tax
law,  as  amended  by  section  2 of part A of chapter 63 of the laws of
2005, is amended to read as follows:
  (a) In addition to the taxes imposed by subdivisions one and one-a  of
this  section,  there shall be imposed on each mortgage of real property
situated within the state recorded on or after the first  day  of  July,
nineteen  hundred  sixty-nine,  an additional tax of [twenty-five] FIFTY
cents for counties outside of the metropolitan  commuter  transportation
district, as defined pursuant to section twelve hundred sixty-two of the
public authorities law, and thirty cents for counties within such metro-
politan  commuter  transportation  district for each one hundred dollars
and each remaining major fraction thereof of  principal  debt  or  obli-
gation  which is, or under any contingency may be secured at the date of
execution thereof or at any time thereafter by such mortgage, saving and
excepting the first ten thousand dollars of such principal debt or obli-
gation in any case in which the related mortgage  is  of  real  property
principally  improved or to be improved by a one or two family residence
or dwelling.   All the provisions  of  this  article  shall  apply  with
respect  to  the  additional tax imposed by this subdivision to the same
extent as if it were imposed by  [the  said]  subdivision  one  of  this
section,  except  as  otherwise  expressly provided in this article. The
imposition of this additional tax on  mortgages  recorded  in  a  county
outside  the  city of New York, other than one of the counties from time
to time comprising the metropolitan  commuter  transportation  district,
the  Niagara  Frontier  transportation  district,  the Rochester-Genesee

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03279-01-1
              

A. 3307                             2

transportation district, the capital district transportation district or
the central New York regional transportation district may  be  suspended
for  a  specified  period  of time or without limitation as to time by a
local law, ordinance or resolution duly adopted by the local legislative
body of such county.
  S 2. This act shall take effect immediately.