Add §64-k, Town L; add Art 31-A-4 §§1439-aaa - 1439-ppp, Tax L
Authorizes the town of Blooming Grove to establish community preservation funds; establishes a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5761
SPONSOR: Schmitt TITLE OF BILL:
An act to amend the town law, in relation to authorizing the town of
Blooming Grove, county of Orange to establish community preservation
funds; to amend the tax law, in relation to authorizing the town of
Blooming Grove to impose a real estate transfer tax with revenues there-
from to be deposited in said community preservation fund; and providing
for the repeal of certain provisions upon expiration thereof
PURPOSE OR GENERAL IDEA OF BILL:
To authorize the town of Blooming Grove, in Orange County, to establish
community preservation funds.
SUMMARY OF PROVISIONS:
Section 1 amends the Town Law by adding a new section 64-k. Section 2
amends the Tax Law by adding a new article 31-A-4. Section 3 contains
the severability clause,
Section 4 contains the effective date.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
JUSTIFICATION:
This legislation would give the Town. of Blooming Grove the authority to
create Community Preservation Funds to protect its farmland and open
space. The Town of Blooming Grove believes this is a major step in
preserving its rural character.
PRIOR LEGISLATIVE HISTORY:
A10758 : 2020
FISCAL IMPLICATIONS:
EFFECTIVE DATE:
This act shall take effect on the ninetieth after it shall have become a
law and shall expire December 31, 2040, with some provisions.
