BILL NUMBER: S4543
SPONSOR: OBERACKER
 
TITLE OF BILL:
An act to amend chapter 376 of the laws of 2024 amending the tax law
relating to authorizing the county of Chenango to impose an additional
mortgage recording tax, in relation to the effectiveness thereof; and to
amend the tax law, in relation to the depositing of mortgage recording
tax funds into the general fund of the county of Chenango
 
PURPOSE:
To authorize Chenango County to levy an additional mortgage recording
tax of twenty-five cents (25) for each one hundred dollars ($100) of
mortgage value for a two-year period.
 
SUMMARY OF PROVISIONS:
Section 1 - Section 2 of Chapter 376 of the laws of 2024 amending the
tax law relating to authorizing the county of Chango to impose an addi-
tional mortgage tax;
Section 2. This act shall take effect on the sixtieth day after it shall
have become law and shall expire and be deemed repealed December 31,
2027;
Section 3 - Paragraph (p) and (q) of subdivision 1 of section 261 of the
tax law, paragraph (p) as amended by Chapter 479 of the laws of 2022 and
paragraph (q) as amended by Chapter 365 of the laws of 2005, are amended
and a new paragraph (r) is added.
 
JUSTIFICATION:
The Chenango County Board of Supervisors passed Resolution 342-24
requesting the legislation to extend Chenango County's legal authority
pursuant to Tax Law Section 253-z to impose an additional mortgage tax
of twenty-five cents (25) for each one hundred dollars ($100) and each
remaining major fraction thereof to Tax Law section 253(2)(a) and
payment of said tax to the general fund of the County of Chenango pursu-
ant to an amendment to Tax Law section 261(1) or other sections of the
Tax Law as deemed necessary for the period of January 1, 2026 through
December 31, 2027.
 
LEGISLATIVE HISTORY:
New bill
 
LOCAL AND STATE FISCAL IMPLICATIONS:
None to state
 
EFFECTIVE DATE:
This act shall take effect immediately and deemed repealed December 31,
2027.