Bill Text: NY A03307 | 2011-2012 | General Assembly | Introduced

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Bill Title: Increases the mortgage recording tax in counties outside of the metropolitan transportation district from twenty-five cents to fifty cents.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A03307 Detail]

Download: New_York-2011-A03307-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         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:
    1    Section 1. Paragraph (a) of subdivision 2 of section 253  of  the  tax
    2  law,  as  amended  by  section  2 of part A of chapter 63 of the laws of
    3  2005, is amended to read as follows:
    4    (a) In addition to the taxes imposed by subdivisions one and one-a  of
    5  this  section,  there shall be imposed on each mortgage of real property
    6  situated within the state recorded on or after the first  day  of  July,
    7  nineteen  hundred  sixty-nine,  an additional tax of [twenty-five] FIFTY
    8  cents for counties outside of the metropolitan  commuter  transportation
    9  district, as defined pursuant to section twelve hundred sixty-two of the
   10  public authorities law, and thirty cents for counties within such metro-
   11  politan  commuter  transportation  district for each one hundred dollars
   12  and each remaining major fraction thereof of  principal  debt  or  obli-
   13  gation  which is, or under any contingency may be secured at the date of
   14  execution thereof or at any time thereafter by such mortgage, saving and
   15  excepting the first ten thousand dollars of such principal debt or obli-
   16  gation in any case in which the related mortgage  is  of  real  property
   17  principally  improved or to be improved by a one or two family residence
   18  or dwelling.   All the provisions  of  this  article  shall  apply  with
   19  respect  to  the  additional tax imposed by this subdivision to the same
   20  extent as if it were imposed by  [the  said]  subdivision  one  of  this
   21  section,  except  as  otherwise  expressly provided in this article. The
   22  imposition of this additional tax on  mortgages  recorded  in  a  county
   23  outside  the  city of New York, other than one of the counties from time
   24  to time comprising the metropolitan  commuter  transportation  district,
   25  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
    1  transportation district, the capital district transportation district or
    2  the central New York regional transportation district may  be  suspended
    3  for  a  specified  period  of time or without limitation as to time by a
    4  local law, ordinance or resolution duly adopted by the local legislative
    5  body of such county.
    6    S 2. This act shall take effect immediately.