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.
Summary
Bill A07713 seeks to amend the tax law to extend the authorization for the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property. Originally established in 2006, this provision allows the county to collect a tax on mortgage recordings, which is a significant source of revenue for local government operations. The proposed amendment will extend the expiration date of this authority from December 1, 2025, to December 1, 2027, ensuring continued financial support for the county's services and infrastructure.
Impact
If enacted, this bill will maintain the county's ability to levy a recording tax on mortgages, which is crucial for funding various local services. The extension of this tax authority is expected to have a positive fiscal impact on Hamilton County, allowing it to continue receiving necessary revenue without interruption. It also reinforces the county's autonomy in managing its tax structure to meet local needs.
Sentiment
The general sentiment around Bill A07713 appears to be favorable, as indicated by the voting history, with significant support from committee members. The bill passed the Assembly Ways and Means Committee with a vote of 32 to 2 and received unanimous support in the Assembly Rules Committee. This suggests a consensus among lawmakers regarding the importance of the recording tax for local governance.
Contention
There are no notable points of contention reported in the discussions or voting history surrounding this bill. The overwhelming support in committee votes indicates that there are no significant opposing viewpoints among legislators regarding the extension of the county recording tax authority.
Same As
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.
Extends the effectiveness of certain provisions authorizing the county of Madison to impose an additional mortgage recording tax until December 1, 2027.
Extends the effectiveness of certain provisions authorizing the county of Madison to impose an additional mortgage recording tax until December 1, 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 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.