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A01261 Summary:

BILL NOA01261
 
SAME ASSAME AS S03603
 
SPONSORKelles
 
COSPNSR
 
MLTSPNSR
 
Add Art 31-I §§1449-aaaaaaa - 1449-ppppppp, Tax L
 
Authorizes the county of Cortland to impose a tax of one dollar per five hundred dollars on real estate transfers.
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A01261 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A1261
 
SPONSOR: Kelles
  TITLE OF BILL: An act to amend the tax law, in relation to authorizing the county of Cortland to impose a tax on real estate transfers; and providing for the repeal of such provisions upon expiration thereof   PURPOSE OR GENERAL IDEA OF BILL: Amending Article 31 of the New York State Tax law to permit Cortland County to Impose a Tax on the Transfer of Real Property   SUMMARY OF PROVISIONS: Cortland County Legislature requested an Amendment to New York State Tax Law authorizing the County to impose and collect a local transfer tax of one dollars ($1.00) when the consideration exceeds five hundred dollars ($500.00), at the rate of one dollar for each five hundred dollars, or fractional part thereof,   DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):   JUSTIFICATION: County of Cortland passed a resolution No 45-21   PRIOR LEGISLATIVE HISTORY: A6953 of 2021-22. Passed Assembly 6/8/21; Passed Assembly 5/24/22   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: Undetermined   EFFECTIVE DATE: Immediately
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