Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.
Summary
Bill A05329 seeks to amend the tax law to extend the expiration of the mortgage recording tax imposed by the city of Yonkers. This tax, which has been in effect since September 1, 1993, is levied at a rate of fifty cents for every one hundred dollars of principal debt secured by a mortgage on real property within the city. The proposed extension would push the expiration date from August 31, 2025, to August 31, 2027, allowing the city to continue collecting this revenue for an additional two years.
Impact
The bill's passage would maintain the current revenue stream for the city of Yonkers by allowing the continuation of the mortgage recording tax. This tax is significant for local funding, as it contributes to the city's budget and financial resources. The extension could impact real estate transactions within Yonkers, as buyers and lenders would continue to factor this tax into their financial calculations.
Sentiment
The sentiment surrounding Bill A05329 appears to be largely favorable, as evidenced by the voting history showing overwhelming support in both the Assembly and Senate. The favorable votes from various committees indicate a consensus on the necessity of extending the tax for local funding purposes, with no recorded opposition during the committee discussions or votes.
Contention
While there is general support for the bill, there may be concerns among some stakeholders regarding the impact of the tax on potential homebuyers and the real estate market in Yonkers. However, specific points of contention have not been highlighted in the available discussions or voting records, suggesting that the bill has not faced significant opposition.