Extends provisions allowing the county of Fulton to impose a county recording tax on obligation secured by a mortgage on real property to November 30, 2027.
Summary
Bill A07443 seeks to amend the tax law concerning the mortgage recording tax in Fulton County, New York. Specifically, it extends the provisions that allow the county to impose this tax on obligations secured by mortgages on real property until November 30, 2027. This extension is intended to provide continued revenue for the county, which is crucial for funding local services and infrastructure.
Impact
The passage of this bill will maintain the current framework for the mortgage recording tax in Fulton County, ensuring that the county can continue to levy this tax for an additional two years. This is significant as it affects both property owners and potential buyers in the county, as the tax is a cost associated with real estate transactions. The bill does not alter the tax rate but extends the duration of the existing provisions.
Sentiment
The sentiment surrounding Bill A07443 appears to be positive, as evidenced by the unanimous votes in the Assembly Ways and Means Committee and the Assembly Rules Committee. The lack of opposition suggests that stakeholders recognize the importance of the tax for local revenue and support its continuation.
Contention
There were no notable points of contention reported during the discussions or voting on this bill. The unanimous support indicates a consensus among lawmakers regarding the necessity of extending the mortgage recording tax provisions for Fulton County.
Same As
Extends provisions allowing the county of Fulton to impose a county recording tax on obligation secured by a mortgage on real property to November 30, 2027.
Extends provisions allowing the county of Fulton to impose a county recording tax on obligation secured by a mortgage on real property to November 30, 2027.
Extends the authorization of the county of Genesee to impose a county recording tax on obligation secured by a mortgage on real property until November 1, 2027.
Extends the authorization of the county of Genesee to impose a county recording tax on obligation secured by a mortgage on real property until November 1, 2027.
Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property to December 1, 2027.
Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property to December 1, 2027.