S T A T E O F N E W Y O R K
________________________________________________________________________
S. 4873--A A. 7006--A
Cal. No. 669
2013-2014 Regular Sessions
S E N A T E - A S S E M B L Y
April 29, 2013
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- reported favorably from said
committee, ordered to first and second report, ordered to a third
reading, amended and ordered reprinted, retaining its place in the
order of third reading
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Ways and Means -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the tax law, in relation to the timing of distribution
of mortgage recording tax revenues by counties
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 3 of section 261 of the tax law, as amended by
2 chapter 287 of the laws of 2006, is amended to read as follows:
3 3. On or before the tenth day of each month the recording officer of
4 each county shall pay over to the county treasurer of said county, and
5 in the counties of New York, Kings, Queens, Richmond and Bronx to the
6 commissioner of finance of the city of New York for credit to the gener-
7 al fund of such city, the balance of the moneys received during the
8 preceding month upon account of taxes paid to him or her as herein
9 prescribed, after deducting the necessary expenses of his or her office
10 as provided in section two hundred sixty-two of this article, except
11 taxes paid upon mortgages which under the provisions of section two
12 hundred sixty of this article are first to be apportioned by the commis-
13 sioner, which taxes and money shall be paid over by the commissioner of
14 finance of the city of New York as provided by the determination of the
15 commissioner. In each county not within the city of New York, the whole
16 of the net amount of such balance, after the deduction by the county
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10612-02-3
S. 4873--A 2 A. 7006--A
1 treasurer of the necessary expenses of his or her office provided in
2 section two hundred sixty-two of this article, shall be held by him or
3 her and shall be allocated to the tax districts of the county according
4 to the location of the real property covered by the respective mortgages
5 upon which the tax was collected. [The recording officer and county
6 treasurer shall prepare a joint semi-annual report on or before May
7 fifteenth and on or before November fifteenth in each year showing the
8 amounts to be credited to each tax district of the county of the moneys
9 collected under this article during the preceding periods of six months
10 each which ended respectively on March thirty-first and September thir-
11 tieth. Such report shall be made in duplicate in accordance with the
12 rules and regulations of the commissioner and filed with the clerk of
13 the board of supervisors and the commissioner. The board of supervisors,
14 on or before the fifteenth day of June and on or before the fifteenth
15 day of December in each year, shall issue its warrant for the payment to
16 the respective tax districts of the amounts so credited, provided,
17 however, that in] IN a county in which a town contains within its limits
18 an incorporated village, or portion thereof, the board of supervisors
19 shall apportion to such village so much of the share credited to the
20 town as the assessed value of said village or portion thereof bears to
21 twice the total assessed valuation of the town[, and provided, further,
22 that, at the option of the]. THE governing board of the county[, the
23 county may instead] SHALL prepare and file [such] a joint report and
24 make such payments on EITHER a monthly or quarterly basis. Where the
25 county elects to make monthly payments, the recording officer and county
26 treasurer shall prepare a joint report on or before the fifteenth day of
27 each month showing the amounts to be credited to each tax district of
28 the county and the moneys collected under this article for the month
29 preceding the most recently concluded month, and the board of supervi-
30 sors shall issue its warrant for payment on or before the fifteenth day
31 of the following month. Where the county elects to make quarterly
32 payments, the recording officer and county treasurer shall prepare such
33 a joint report on or before the fifteenth day of May, August, November,
34 and February, showing the amounts to be credited to each tax district of
35 the county of moneys collected under this article for the preceding
36 three-month period ending March thirty-first, June thirtieth, September
37 thirtieth, and December thirty-first, respectively and the board of
38 supervisors shall issue its warrant for payment on or before the
39 fifteenth day of June, September, December, and March, respectively. The
40 warrant shall direct payment to the city treasurer of the amount due the
41 city, to the town supervisor of the amount due the town, and to the
42 village treasurer of the amount to which the village shall be entitled.
43 Mortgage tax moneys allotted to cities, towns and villages shall be
44 applied to the payment of the general expenses thereof. The commissioner
45 shall prescribe the method of adjustment and correction of errors here-
46 tofore or hereafter made in the distribution of moneys collected under
47 this article.
48 S 2. This act shall take effect on the first of January next succeed-
49 ing the date on which it shall have become a law.