Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jul 22, 2020 | referred to ways and means delivered to assembly passed senate home rule request ordered to third reading cal.982 |
Jul 20, 2020 | reported and committed to rules |
Feb 11, 2020 | referred to investigations and government operations |
senate Bill S7731
Sponsored By
James L. Seward
(R, C, IP, RFM) 0 Senate District
Archive: Last Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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S7731 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9960
- Law Section:
- Tax Law
- Laws Affected:
- Add §253-z, Tax L
S7731 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7731 SPONSOR: SEWARD TITLE OF BILL: An act to amend the tax law, in relation to authorizing the county of Otsego to impose an additional mortgage recording tax; and providing for the repeal of such provisions upon the expiration thereof PURPOSE: To authorize Otsego County to levy an additional mortgage recording tax of twenty-five cents (.25) for each one hundred dollars ($100) of mort- gage value for a two year period. SUMMARY OF PROVISIONS: Section 1 of the bill adds a new section, 253-z, to the tax law, author- izing Otsego County to impose an additional mortgage recording tax of twenty-five cents (25) for each one hundred dollars ($100) of mortgage value through December 31, 2022. Section one outlines the terms, condi-
S7731 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7731 I N S E N A T E February 11, 2020 ___________ Introduced by Sen. SEWARD -- 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 Otsego 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-z to read as follows: § 253-Z. RECORDING TAX IMPOSED BY THE COUNTY OF OTSEGO. 1. OTSEGO 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 PROVISIONS HAD BEEN SET FORTH IN FULL IN THIS SECTION EXCEPT TO THE EXTENT THAT ANY PROVISION IS EITHER INCONSISTENT WITH A PROVISION OF THIS SECTION OR NOT RELEVANT TO THE TAX AUTHORIZED BY THIS SECTION. FOR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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