BILL NUMBER: S432
SPONSOR: STEWART-COUSINS
 
TITLE OF BILL:
An act to amend the tax law, in relation to extending the expiration of
the mortgage recording tax imposed by the city of Yonkers
 
PURPOSE:
The purpose of this bill is to extend the authorization for the city of
Yonkers to impose a mortgage recording tax until August 31, 2027.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill amends the tax law to extend the authority of the
city of Yonkers to impose an additional mortgage recording tax until
August 31, 2027.
Section 2 is the effective date.
 
JUSTIFICATION:
This bill extends the authority of the city of Yonkers to impose a mort-
gage recording tax on its residents from August 31, 2025 to August 31,
2027. Because revenues from the mortgage recording tax are included in
the city's budget, this extension is necessary in order to help Yonkers
maintain financial stability.
 
LEGISLATIVE HISTORY:
2023 - S6822 (Stewart-Cousins); Chapter 179
2020 - S7508B (Budget); Chapter 58, Part XXX, Subpart E, Item D
2017 - A40001 (Rules); Chapter 61, Part C, Subpart D
2015 - S3878 (Stewart-Cousins); Chapter 22
2013 - S4116 (Stewart-Cousins); Chapter 76
2011 - S2983 (Stewart-Cousins); Chapter 392
2009 - S3334 (Stewart-Cousins); Chapter 142
2007 - S4138 (Stewart-Cousins); Chapter 383
 
FISCAL IMPLICATIONS:
None to the State
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S432: 253-d tax law, 253-d(1) tax law