Bill Text: NY S05672 | 2019-2020 | General Assembly | Introduced


Bill Title: Authorizes the county of Madison to impose an additional mortgage recording tax of twenty-five cents per one hundred dollars of debt.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2019-06-20 - returned to senate [S05672 Detail]

Download: New_York-2019-S05672-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          5672

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 10, 2019
                                       ___________

        Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations

        AN ACT to amend the tax law, in relation to authorizing  the  county  of
          Madison  to impose an additional mortgage recording tax; and providing
          for the repeal of such provisions upon the expiration thereof

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  tax  law is amended by adding a new section 253-y to
     2  read as follows:
     3    § 253-y. Recording tax imposed by the county of  Madison.  1.  Madison
     4  county,  acting through its local legislative body, is hereby authorized
     5  and  empowered to adopt and amend local laws imposing in such  county  a
     6  tax of twenty-five cents for each one hundred dollars and each remaining
     7  major fraction thereof of principal debt or obligation which is or under
     8  any   contingency may be secured at the date of execution thereof, or at
     9  any time thereafter, by a mortgage on real property situated within such
    10  county and  recorded on or after the date  upon  which  such  tax  takes
    11  effect  and a tax of twenty-five cents on such mortgage if the principal
    12  debt or obligation which  is or by any contingency  may  be  secured  by
    13  such mortgage is less than one  hundred dollars.
    14    2.  The  taxes  imposed  under  the authority of this section shall be
    15  administered and collected in the same manner as the taxes imposed under
    16  subdivision one of section two hundred fifty-three and paragraph (b)  of
    17  subdivision  one  of  section  two  hundred  fifty-five of this article.
    18  Except as  otherwise provided in this section,  all  the  provisions  of
    19  this  article  relating  to    or  applicable  to the administration and
    20  collection of the taxes imposed by such subdivisions shall apply to  the
    21  taxes  imposed  under  the authority of this section with such modifica-
    22  tions as may be necessary to adapt such  language to the tax so  author-
    23  ized.  Such provisions shall apply with the same  force and effect as if
    24  those provisions had been set forth in full in this  section  except  to
    25  the  extent  that  any provision is either inconsistent with a provision
    26  of this section or not relevant to the tax authorized by  this  section.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11407-01-9

        S. 5672                             2

     1  For  purposes  of this section, any reference in this article to the tax
     2  or taxes imposed by this article shall be  deemed  to  refer  to  a  tax
     3  imposed pursuant to this section, and any reference to the phrase "with-
     4  in  this  state"  shall  be  read  as  "within Madison county", unless a
     5  different meaning is clearly  required.
     6    3. Where the real property covered by the mortgage subject to the  tax
     7  imposed  pursuant  to  the authority of this section is situated in this
     8  state but within and without the county imposing such tax, the amount of
     9  such tax  due and payable to such county shall be determined in a manner
    10  similar to   that prescribed in  the  first  undesignated  paragraph  of
    11  section  two  hundred sixty of this article which concerns real property
    12  situated in two or more  counties. Where such property is situated  both
    13  within such county and  without the state, the amount due and payable to
    14  such  county  shall be determined in the manner prescribed in the second
    15  undesignated paragraph of such section two hundred sixty which  concerns
    16  property  situated within  and without the state. Where real property is
    17  situated within and without the county imposing such tax, the  recording
    18  officer  of  the  jurisdiction in which   the mortgage is first recorded
    19  shall be required to  collect  the  taxes  imposed    pursuant  to  this
    20  section.
    21    4. A tax imposed pursuant to the authority of this section shall be in
    22  addition to the taxes imposed by section two hundred fifty-three of this
    23  article.
    24    5.  Notwithstanding any provision of this article to the contrary, the
    25  balance of all moneys paid to the recording officer  of  the  county  of
    26  Madison    during each month upon account of the tax imposed pursuant to
    27  the authority of this section, after deducting the necessary expenses of
    28  his or her office as provided in section two hundred sixty-two  of  this
    29  article, except  taxes paid upon mortgages which under the provisions of
    30  this  section  or section two hundred sixty of this article are first to
    31  be apportioned by the  commissioner, shall be paid over by such  officer
    32  on or before the tenth day  of each succeeding month to the treasurer of
    33  Madison county and, after the  deduction by such treasurer of the neces-
    34  sary  expenses  of  his  or  her  office provided in section two hundred
    35  sixty-two of this article shall be deposited in  the general fund of the
    36  county of Madison.  Notwithstanding  the  provisions  of  the  preceding
    37  sentence,  the  tax  so  imposed and paid upon mortgages   covering real
    38  property situated in two or more counties, which under the provisions of
    39  this section or section two hundred sixty of this article are  first  to
    40  be  apportioned by the commissioner, shall be paid over by the recording
    41  officer receiving the same as  provided  by  the  determination  of  the
    42  commissioner.
    43    6.  Any  local  law  imposing  a tax pursuant to the authority of this
    44  section or repealing or suspending such a tax shall take effect only  on
    45  the first day of a  calendar month. Such a local law shall not be effec-
    46  tive  unless a certified  copy thereof is mailed by registered or certi-
    47  fied mail to the commissioner at the commissioner's office in Albany  at
    48  least thirty days prior to the date the  local law shall take effect.
    49    7.  Certified  copies of any local law described in this section shall
    50  also be filed with the county clerk of the county of Madison, the secre-
    51  tary of state  and the state comptroller within five days after the date
    52  it is duly enacted.
    53    § 2. This act shall take effect immediately and shall  expire  and  be
    54  deemed repealed December 1, 2022.
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