Bill Text: NY S01756 | 2017-2018 | General Assembly | Introduced

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Bill Title: Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S01756 Detail]

Download: New_York-2017-S01756-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1756
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 10, 2017
                                       ___________
        Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
          and when printed to be committed to the  Committee  on  Investigations
          and Government Operations
        AN  ACT to amend the tax law, in relation to extending the expiration of
          the mortgage recording tax imposed by the city of Yonkers
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision 1 of section 253-d of the tax law, as amended
     2  by chapter 22 of the laws of 2015, is amended to read as follows:
     3    1. The city of Yonkers, acting through its local legislative body,  is
     4  hereby  authorized  and empowered to adopt and amend local laws imposing
     5  in any such city during the period beginning September  first,  nineteen
     6  hundred  ninety-three  and  ending  August  thirty-first,  two  thousand
     7  [seventeen] nineteen, a tax of fifty cents for each one hundred  dollars
     8  and  each  remaining  major  fraction thereof of principal debt or obli-
     9  gation which is or under any contingency may be secured at the  date  of
    10  execution  thereof,  or  at  any  time thereafter, by a mortgage on real
    11  property situated within such city and recorded on  or  after  the  date
    12  upon  which such tax takes effect and a tax of fifty cents on such mort-
    13  gage if the principal debt or obligation which is or by any  contingency
    14  may be secured by such mortgage is less than one hundred dollars.
    15    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02778-01-7