BILL NUMBER: S8583A
SPONSOR: STEC
 
TITLE OF BILL:
An act to amend the tax law, in relation to expenditures for Essex coun-
ty correctional and public safety facilities projects; and to amend
chapter 327 of the laws of 2006 amending the tax law relating to author-
izing the county of Essex to impose an additional mortgage recording
tax, in relation to extending the effectiveness thereof
 
PURPOSE:
To extend the mortgage recording tax in Essex County.
 
SUMMARY OF PROVISIONS:
Section 1 - Amends subdivision 5 of section 253-j of the tax law so
mortgage tax proceeds are deposited in the county's general fund.
Section 2 - Extends the authority of Essex County to impose an addi-
tional mortgage tax through Dec. 1, 2027
Section 3 - Provides effective date
 
JUSTIFICATION:
In December 2023, the Essex County Board of Supervisors adopted two
resolutions seeking this legislation.
Without this bill, the county's decades-old mortgage recording tax would
sunset on Dec. 1, 2024.
The mortgage tax is an important and necessary source of revenue for the
county. Since 2006, that money had been set aside for capital projects
at the county's public safety complex. The bonds for those projects are
set to be paid off.
This legislation would permit the revenue generated by the mortgage tax
to instead flow directly into the county's general fund, which is typi-
cal among counties within New York state.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
None to the state
 
EFFECTIVE DATE:
This act shall tax effect immediately

Statutes affected:
S8583: 253-j tax law, 253-j(5) tax law
S8583A: 253-j tax law, 253-j(5) tax law