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 S07128 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 Originally enacted in 2006, the bill extends the expiration date of this tax from December 1, 2025, to December 1, 2027. This extension aims to provide continued revenue for the county through the collection of this specific tax on real estate transactions involving mortgages.
Impact
The bill's passage will allow Hamilton County to maintain its ability to levy a recording tax on mortgage obligations, which is a significant source of revenue for local government operations. By extending the expiration date, it ensures that the county can continue to fund essential services and infrastructure projects without interruption, thereby impacting local financial stability and planning.
Sentiment
The sentiment surrounding Bill S07128 appears to be largely supportive, as indicated by the voting history. The bill passed unanimously in the Senate Investigations and Government Operations Committee and received a significant majority in both the Senate and Assembly floor votes, suggesting a consensus among lawmakers regarding the importance of this tax for local governance.
Contention
There are no notable points of contention reported in the discussions or voting history surrounding this bill. The unanimous support in committee and the strong majority in both legislative chambers indicate that there are no significant opposing views or concerns regarding the extension of the recording tax.
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.