BILL NUMBER: S6506
SPONSOR: MANNION
 
TITLE OF BILL:
An Act to amend the tax law, in relation to extending the authorization
of the city of Oswego to impose an additional one percent of sales and
compensating use taxes
 
PURPOSE:
The purpose of this bill is to authorize the City of Oswego to extend
the current rate of sales and compensating taxes for the period begin-
ning September 1, 2004 and ending November 30, 2025.
 
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend section 1210 of the Tax Law to extend
the authorization for the City of Oswego to continue a one percent addi-
tional tax rate during the period of September 1, 2004 and ending Novem-
ber 30, 2025.
Section 2 of this bill provides that the effective date shall take
effect immediately.
 
JUSTIFICATION:
In 2004, the City of Oswego was granted the authority to establish a one
percent sales tax that will expire on November 30, 2023. Sales tax
revenue is a vital component of the City's multi-year budgeting plan to
maintain its financial health for taxpayers. Sales tax is a key factor
for the City to achieve its goal of producing a balanced budget that
eliminates debt and reduces reliance on fund, balance and reserves.
This bill would extend the City's authority, to November 30, 2025, to
maintain the current rate of sales tax in the City of Oswego. According
to City officials, the one percent additional sales tax provides the
City of Oswego with approximately $1.5 million in annual revenue. If the
City lost this authority, it would result in an increase in property
taxes by 21.3%. The extension of the authority would prevent such an
increase. This bill would allow the City of Oswego to extend the sales
tax at its current rate to November 30, 2025.
 
LEGISLATIVE HISTORY:
2020-21: S.7508-B (Budget)- Chapter 58 of the Laws of 2020.
2017-18: A.40001 (Heastie)- Chapter 61 of the Laws of 2017.
2015-16: S.5095 (Ritchie)- Chapter 207 of the Laws of 2015.
2013-14: S.5063 (Ritchie)- Chapter 216 of the Laws of 2013.
2011-12: S.5547 (Ritchie)- Chapter 254 of the Laws of 2011.
2009-10: S.4247 (Aubertine)- Chapter 145 of the Laws of 2009.
2007-08: S.5054 (Wright)- Chapter 473 of the Laws of 2007.
2005-06: S.2534 (Wright)- Chapter 167 of the Laws of 2005.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.