senate Bill S4873A

2013-2014 Legislative Session

Amends the tax law in relation to the timing of distribution of mortgage recording tax revenues by counties

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jun 21, 2013 committed to rules
May 29, 2013 amended on third reading 4873a
May 23, 2013 advanced to third reading
May 22, 2013 2nd report cal.
May 21, 2013 1st report cal.669
Apr 29, 2013 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S4873 - Bill Details

See Assembly Version of this Bill:
A7006A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §261, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1858, A2085
2009-2010: S6756, A9765

S4873 - Bill Texts

view summary

Relates to the timing of distribution of mortgage recording tax revenues by counties.

view sponsor memo
BILL NUMBER:S4873

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
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 muni-
cipalities across the State are now finding that monthly or quarterly
distribution is necessary. The East End Supervisors and Mayors Associ-
ation adopted a memorializing resolution requesting Suffolk County to
distribute mortgage tax revenues to its town and villages on a monthly
or quarterly basis.

LEGISLATIVE HISTORY:

2011-12 S.1858/A.2085:
2010: S .6756/A.9765

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

Immediately.

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

    S. 4873                                                  A. 7006

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 29, 2013
                               ___________

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.
                                                           LBD10612-01-3

S. 4873                             2                            A. 7006

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.

S4873A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A7006A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §261, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1858, A2085
2009-2010: S6756, A9765

S4873A (ACTIVE) - Bill Texts

view summary

Relates to the timing of distribution of mortgage recording tax revenues by counties.

view sponsor memo
BILL NUMBER:S4873A

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
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 town and
villages on a monthly or quarterly basis.

LEGISLATIVE HISTORY:

2011-12 S.1858/A 2085:
2010: S.6756/A.9765

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect on the first of January next succeeding the
date on which it shall have become a law.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 4873--A                                            A. 7006--A
    Cal. No. 669

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 29, 2013
                               ___________

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  --  reported  favorably  from  said
  committee,  ordered  to  first  and  second report, ordered to a third
  reading, amended and ordered reprinted, retaining  its  place  in  the
  order of third reading

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Ways  and  Means  --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10612-02-3

S. 4873--A                          2                         A. 7006--A

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
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 on the first of January next  succeed-
ing the date on which it shall have become a law.

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