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A05479 Summary:

BILL NO	A05479
SAME AS	SAME AS S02111
SPONSOR	Tague
COSPNSR
MLTSPNSR
Amd §2, Chap 374 of 2024
Extends the authority for the county of Otsego to impose an additional mortgage recording tax.

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A05479 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A5479
 
SPONSOR: Tague

 
TITLE OF BILL:
 
An act to amend chapter 374 of the laws of 2024 amending the tax law
relating to authorizing  the  county  of Otsego  to  impose an addi-
tional mortgage recording tax, in relation to extending the effective-
ness thereof
 
 
PURPOSE OR GENERAL IDEA OF BILL:
 
This legislation will extend the authorization for Otsego County to
impose an additional mortgage recording tax for an additional two years.
 
 
SUMMARY OF SPECIFIC PROVISIONS:
 
Section one of this bill amends chapter 374 of the laws of 2024, author-
izing Otsego County to continue to impose an additional mortgage record-
ing tax for an additional two years, until December 31, 2027.
 
Section two provides the effective date.
 
 
JUSTIFICATION:
 
The Otsego County Board of Representatives adopted resolution no.
68-20250102 on January 2, 2025, requesting that the New York State
Legislature introduce and pass legislation authorizing the County to
continue to impose the mortgage recording tax of one-quarter of one
percent.
 
 
PRIOR LEGISLATIVE HISTORY:
 
The authority to impose the additional mortgage tax in Otsego County was
established by Chapter 374 of the Laws of 2024.
 
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
 
None to the State.
 
 
EFFECTIVE DATE:
This act shall take effect immediately.

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