BILL NUMBER: S8343
SPONSOR: BORRELLO
 
TITLE OF BILL:
An act to amend chapter 185 of the laws of 2005, amending the tax law
relating to authorizing the county of Wyoming to impose a county record-
ing tax on obligations secured by a mortgage on real property, in
relation to the effectiveness thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this legislation is to extend the authorization of the
county of Wyoming to impose a county recording tax on obligations
secured by a mortgage on real property to December 1, 2027.
 
SUMMARY OF PROVISIONS:
Section 1: amends the tax law to extend the authority of the county of
Wyoming to impose a county recording tax on obligations secured by a
mortgage on real property to December 1, 2027.
Section 2: provides that the act shall take effect immediately.
 
JUSTIFICATION:
The Wyoming County Legislature has passed a resolution requesting exten-
sion of its authority to charge a county mortgage recording tax. The tax
is collected by the county at the same time as the state mortgage
recording taxes are. All revenue from the county tax, after deducting
expenses of mortgage recording offices, goes to the general fund of
Wyoming County for use as the County Legislature approves.
 
EFFECTIVE DATE:
This act shall take effect immediately.