BILL NUMBER: S7912
SPONSOR: WEBB
 
TITLE OF BILL:
An act to amend chapter 443 of the laws of 2007 amending the tax law
relating to authorizing the county of Cortland to impose an additional
mortgage recording tax, in relation to extending the effectiveness of
such provisions
 
PURPOSE OR GENERAL IDEA OF BILL:
to extend for two years Cortland county's authorization to impose an
additional mortgage recording tax
 
SUMMARY OF PROVISIONS:
Sec. 1 - amends section 2 of chapter 443 of the laws of 2007 amending
the tax law regarding the Cortland county's authority to impose an addi-
tional mortgage recording tax by changing the repeal date from
Sec. 2- effective date
 
JUSTIFICATION:
State Tax Law § 253-v presently authorizes Cortland County to adopt and
amend local laws imposing a mortgage recording tax of twenty five cents
($.25) for each one hundred dollars ($100.00) and each remaining major
fraction thereof of principal debt or obligation which is or under any
contingency may be secured at the date of execution thereof, or at any
time thereafter, by a mortgage on real property situated in Cortland
County and recorded on or after, the date upon which such tax takes
effect, (beginning September 30, 2007 and ending December 1, 2025). In
the current economic climate it would create a fiscal hardship for Cort-
land County that receives this revenue if this source of revenue were to
expire, and such a loss would result in a substantial burden on County
property owners through increased property taxes or loss of essential
services. Cortland County has requested a two-year extension of its
authority to collect this mortgage recording tax.
 
PRIOR LEGISLATIVE HISTORY:
new bill
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
revenue raiser for Cortland county
 
EFFECTIVE DATE:
immediately