Bill Text: NY A08759 | 2009-2010 | General Assembly | Introduced

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Bill Title: Eliminates the twelve percent floor on the rate of interest payable on late payment of real property taxes and delinquencies; thus permits such rate to float in accordance with the mechanism for determining such rate, which mechanism incorporates a six percent floor.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-05-18 - held for consideration in real property taxation [A08759 Detail]

Download: New_York-2009-A08759-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8759
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 5, 2009
                                      ___________
       Introduced by M. of A. MILLER -- read once and referred to the Committee
         on Real Property Taxation
       AN  ACT  to  amend the real property tax law, in relation to the rate of
         interest on late payment of taxes and delinquencies
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision  2  of section 924-a of the real property tax
    2  law, as amended by chapter 355 of the laws of 2003, is amended  to  read
    3  as follows:
    4    2.  The  rate  of interest applicable to the third calendar quarter of
    5  each year, as set by the commissioner of taxation and  finance  pursuant
    6  to  subparagraph  (A)  of paragraph two of subsection (j) of section six
    7  hundred ninety-seven of the tax law,  shall  be  the  rate  of  interest
    8  applicable  to  unpaid real property taxes for purposes of this section.
    9  Such commissioner shall set such rate on or before the fifteenth day  of
   10  July  in each year. Such rate shall be effective for all warrants issued
   11  for a collection period commencing on or after the first day of  Septem-
   12  ber  next  succeeding  the date the rate of interest is set.  [Provided,
   13  however, the rate of interest prescribed by this subdivision shall in no
   14  event be less than twelve per centum per annum.] The state  board  shall
   15  inform  each affected municipality of any change in the rate established
   16  pursuant to this subdivision.
   17    S 2. This act shall take effect on the first of January next  succeed-
   18  ing  the  date  on  which  it shall have become a law and shall apply to
   19  interest chargeable or due on taxes or on  any  other  amounts,  or  any
   20  portion  thereof,  which remain or become due on or after such effective
   21  date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09674-01-9