NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4915A
SPONSOR: Palmesano TITLE OF BILL:
An act to amend chapter 366 of the laws of 2005, amending the tax law
relating to authorizing the county of Yates to impose a county recording
tax on obligations secured by a mortgage on real property, in relation
to extending the provisions of such chapter
PURPOSE OR GENERAL IDEA OF BILL:
To authorize the Yates County Legislature to adopt and amend local laws
imposing a twenty-five cent per each one hundred dollars mortgage
recording tax on obligations secured by a mortgage on real property.
SUMMARY OF PROVISIONS:
Yates County Legislature request legislation to renew local law 2-11
which renewed the additional mortgage tax for mortgages on real property
situated in Yates County
JUSTIFICATION:
The Yates County Legislature passed a resolution requesting that the New
York State Legislature enact legislation permitting Yates County to
renew the mortgage recording tax on obligations secured by a mortgage on
real property.
PRIOR LEGISLATIVE HISTORY:
New bill.
EFFECTIVE DATE:
This act shall take effect immediately except that section two of this
act shall take effect on the thirtieth day after it shall have become
law, and shall expire and be deemed repealed on December 1, 2025.
STATE OF NEW YORK
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4915--A
2023-2024 Regular Sessions
IN ASSEMBLY
February 24, 2023
___________
Introduced by M. of A. PALMESANO -- read once and referred to the
Committee on Ways and Means -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend chapter 366 of the laws of 2005, amending the tax law
relating to authorizing the county of Yates to impose a county record-
ing tax on obligations secured by a mortgage on real property, in
relation to extending the provisions of such chapter
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2 of chapter 366 of the laws of 2005, amending the
2 tax law relating to authorizing the county of Yates to impose a county
3 recording tax on obligations secured by a mortgage on real property, as
4 amended by section 1 of item G of subpart E of part XXX of chapter 58 of
5 the laws of 2020, is amended to read as follows:
6 § 2. This act shall take effect on the thirtieth day after it shall
7 have become a law and shall expire and be deemed repealed on December 1,
8 [2023] 2025.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07540-02-3
