Bill Text: NY S07442 | 2015-2016 | General Assembly | Introduced
Bill Title: Allows that additional taxes on each mortgage or real property be placed upon certain transportation districts.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-09-30 - APPROVAL MEMO.6 [S07442 Detail]
Download: New_York-2015-S07442-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7442 IN SENATE May 2, 2016 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, the public authorities law, and the tax law, in relation to certain recording taxes 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 874 of the general municipal law, 2 as added by chapter 1030 of the laws of 1969, is amended to read as 3 follows: 4 (1) It is hereby determined that the creation of the agency and the 5 carrying out of its corporate purposes is in all respects for the bene- 6 fit of the people of the state of New York and is a public purpose, and 7 the agency shall be regarded as performing a governmental function in 8 the exercise of the powers conferred upon it by this title and shall be 9 required to pay no taxes or assessments upon any of the property 10 acquired by it or under its jurisdiction or control or supervision or 11 upon its activities. Provided, however, if the agency is located within 12 a transportation district referenced in paragraph (a) of subdivision two 13 of section two hundred fifty-three of the tax law, it shall not be 14 exempt from the additional tax on each mortgage of real property situ- 15 ated within the state imposed by such paragraph. 16 § 2. Subdivision 1 of section 1963 of the public authorities law, as 17 added by chapter 759 of the laws of 1967, is amended to read as follows: 18 1. It is hereby determined that the creation of the authority and the 19 carrying out of its corporate purposes is in all respects for the bene- 20 fit of the people of the city and its environs, and is a public purpose, 21 and the authority shall be regarded as performing a governmental func- 22 tion in the exercise of the powers conferred upon it by this title and 23 shall be required to pay no taxes or assessments upon any of the proper- 24 ty acquired by it or under its jurisdiction or control or supervision or 25 upon its activities. Provided, however, if the authority is located 26 within a transportation district referenced in paragraph (a) of subdivi- 27 sion two of section two hundred fifty-three of the tax law, it shall not EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14353-02-6S. 7442 2 1 be exempt from the additional tax on each mortgage of real property 2 situated within the state imposed by such paragraph. 3 § 3. Subdivision 1 of section 2326 of the public authorities law, as 4 added by chapter 915 of the laws of 1969, is amended to read as follows: 5 1. It is hereby determined that the creation of the authority and the 6 carrying out of its corporate purposes is in all respects for the bene- 7 fit of the people of the city and its environs, and is a public purpose, 8 and the authority shall be regarded as performing a governmental func- 9 tion in the exercise of the powers conferred upon it by this title and 10 shall be required to pay no taxes or assessments upon any of the proper- 11 ty acquired by it or under its jurisdiction or control or supervision or 12 upon its activities. Provided, however, if the authority is located 13 within a transportation district referenced in paragraph (a) of subdivi- 14 sion two of section two hundred fifty-three of the tax law, it shall not 15 be exempt from the additional tax on each mortgage of real property 16 situated within the state imposed by such paragraph. 17 § 4. Section 252 of the tax law, as amended by chapter 671 of the laws 18 of 1989, is amended to read as follows: 19 § 252. Exemptions. (1) No mortgage of real property situated within 20 this state shall be exempt, and no person or corporation owning any debt 21 or obligation secured by mortgage of real property situated within this 22 state shall be exempt, from the taxes imposed by this article by reason 23 of anything contained in any other statute, except as provided in 24 section three hundred thirty-nine-ee of the real property law, or by 25 reason of any provision in any private act or charter which is subject 26 to amendment or repeal by the legislature, or by reason of non-residence 27 within this state or for any other cause, except that mortgages of real 28 property situated within this state transferred, assigned or made to 29 Home Owners' Loan Corporation, a corporation created under an act of 30 congress, known as home owners' loan act of nineteen hundred and thir- 31 ty-three, or to a agricultural credit association or federal home loan 32 bank, shall be exempt, and said corporation or institution owning any 33 debt or obligation secured by mortgage of real property situated within 34 this state, shall be exempt from the taxes imposed by this article and 35 except that mortgages of real property situated within this state 36 executed, given or made prior to June first, nineteen hundred thirty- 37 four by any public benefit corporation created under the laws of this 38 state for the purpose of maintaining and operating a public park and 39 public recreation center shall be exempt, and any person or corporation 40 owning any debt or obligation of any such public benefit corporation 41 secured by such a mortgage of its real property situated within this 42 state, shall be exempt from the taxes imposed by this article, and 43 except that mortgages of real property situated within this state which 44 are executed, given or made subsequent to June seventh, nineteen hundred 45 thirty-four and which are substituted for other mortgages as a part of 46 and in compliance with a plan of reorganization pursuant to the 47 provisions of section seventy-seven-b of the federal bankruptcy act, are 48 and shall be exempt from taxes imposed by this article to an amount not 49 exceeding the amount of such mortgage indebtedness outstanding at the 50 time of the consummation of such reorganization, and any person or 51 corporation owning any debt or obligation secured by such a mortgage of 52 real property situated within this state is and shall be exempt from the 53 taxes imposed by this article, and except that mortgages of real proper- 54 ty situated within this state which are executed, given or made by a 55 railroad redevelopment corporation during the first nine years of its 56 existence as such are and shall be exempt from the taxes imposed by thisS. 7442 3 1 article and any person or corporation owning any debt or obligation 2 secured by such a mortgage of real property situated within this state 3 is and shall be exempt from the taxes imposed by this article. 4 (2) Notwithstanding article eighteen-A of the general municipal law 5 and titles eleven and fifteen of article eight of the public authorities 6 law, no mortgage of real property situated within the state in counties 7 located within the metropolitan commuter transportation district, the 8 Niagara Frontier transportation district, the Rochester-Genesee trans- 9 portation district, the capital district transportation district, and 10 the central New York regional transportation district executed, given, 11 made, or transferred or assigned by or to an agency created under arti- 12 cle eighteen-A of the general municipal law, an authority created under 13 title eleven or fifteen of article eight of the public authorities law, 14 an agent or agent of such agent of such agency or authority, a project 15 operator receiving financial assistance from such agency or authority, a 16 project occupant of such agency or authority, or an owner of a project 17 receiving financial assistance from such agency or authority shall be 18 exempt from the additional tax imposed by paragraph (a) of subdivision 19 two of section two hundred fifty-three of this article. For the purposes 20 of this subdivision the term "financial assistance" shall have the same 21 meaning as defined in section eight hundred fifty-four of the general 22 municipal law. 23 § 5. Paragraph (a) of subdivision 2 of section 253 of the tax law, as 24 amended by section 2 of part A of chapter 63 of the laws of 2005, is 25 amended to read as follows: 26 (a) In addition to the taxes imposed by subdivisions one and one-a of 27 this section, there shall be imposed on each mortgage of real property 28 situated within the state recorded on or after the first day of July, 29 nineteen hundred sixty-nine, an additional tax of twenty-five cents for 30 counties outside of the metropolitan commuter transportation district, 31 as defined pursuant to section twelve hundred sixty-two of the public 32 authorities law, and thirty cents for counties within such metropolitan 33 commuter transportation district for each one hundred dollars and each 34 remaining major fraction thereof of principal debt or obligation which 35 is, or under any contingency may be secured at the date of execution 36 thereof or at any time thereafter by such mortgage, saving and excepting 37 the first ten thousand dollars of such principal debt or obligation in 38 any case in which the related mortgage is of real property principally 39 improved or to be improved by a one or two family residence or dwelling. 40 All the provisions of this article shall apply with respect to the addi- 41 tional tax imposed by this subdivision to the same extent as if it were 42 imposed by the said subdivision one of this section, except as otherwise 43 expressly provided in this article. Notwithstanding article eighteen-A 44 of the general municipal law and titles eleven and fifteen of article 45 eight of the public authorities law, no mortgage of real property situ- 46 ated within the state in counties located within the metropolitan commu- 47 ter transportation district, the Niagara Frontier transportation 48 district, the Rochester-Genesee transportation district, the capital 49 district transportation district, and the central New York regional 50 transportation district executed, given, made, or transferred or 51 assigned by or to an agency created under article eighteen-A of the 52 general municipal law, an authority created under title eleven or 53 fifteen of article eight of the public authorities law, an agent or 54 agent of such agent of such agency or authority, a project operator 55 receiving financial assistance from such agency or authority, a project 56 occupant of such agency or authority, or an owner of a project receivingS. 7442 4 1 financial assistance from such agency or authority shall be exempt from 2 the additional tax imposed by this subdivision. For the purposes of this 3 subdivision the term "financial assistance" shall have the same meaning 4 as defined in section eight hundred fifty-four of the general municipal 5 law. The imposition of this additional tax on mortgages recorded in a 6 county outside the city of New York, other than one of the counties from 7 time to time comprising the metropolitan commuter transportation 8 district, the Niagara Frontier transportation district, the Rochester- 9 Genesee transportation district, the capital district transportation 10 district or the central New York regional transportation district may be 11 suspended for a specified period of time or without limitation as to 12 time by a local law, ordinance or resolution duly adopted by the local 13 legislative body of such county. 14 § 6. This act shall take effect immediately.
