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.
Summary
Bill S06336 extends the authorization for the county of Genesee to impose a county recording tax on obligations secured by mortgages on real property until November 1, 2027. This extension allows the county to continue collecting this tax, which is a source of revenue for local government operations. The bill amends previous legislation from 2004 and updates the expiration date of the tax, ensuring that the county maintains its ability to levy this tax for an additional two years beyond the previous expiration date.
Impact
The bill impacts state tax law by allowing the county of Genesee to continue imposing a recording tax on mortgages, which is significant for local funding and fiscal management. It ensures that the county can sustain its revenue stream from this tax, which can be utilized for various public services and infrastructure projects. The amendment to the law also reflects the ongoing need for local governments to adapt their tax structures to meet financial demands.
Sentiment
The general sentiment around the bill appears to be supportive, as indicated by the voting history. The bill passed through the Senate Investigations and Government Operations Committee with unanimous support and received a strong majority in both the Senate and Assembly during final votes. This suggests that there is a consensus among legislators regarding the necessity of this tax extension for the county's financial health.
Contention
There were no notable points of contention raised during the discussions or votes regarding this bill. The unanimous support in committee and the strong majority in the Senate and Assembly indicate that there are no significant opposing views on the necessity or implications of the tax extension.
Same As
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 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 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.