May 22, 2017

Assembly Passes Legislation to Extend Local Taxes and Incentives

Assembly Speaker Carl Heastie today announced the Assembly has passed legislation that would extend for two years various tax rates and incentives that are necessary for local governments to function as well as mayoral control of the New York City School District. (A.7935, Heastie).

"These extensions are critical to every community across New York State," said Speaker Heastie. "Cities and counties rely on these taxes to continue operating, and New York City schools need the continuity and predictability that mayoral control offers."

The legislation would extend tax rates and incentives for New Yorkers. Under the bill, current sales tax rates for cities and counties would be extended for two years. The mortgage recording tax rate would also be extended for two years for seven counties and one city. Hotel and motel occupancy taxes would be extended for three counties and real estate transfer taxes would be extended for one county. The legislation would also extend for two years current tax rates for New York City as well as certain tax incentives.

Additionally, the legislation would extend the provisions related to the governance of the New York City School District, referred to as mayoral control, through June 30, 2019, which was first authorized in 2002 under the administration of former Mayor Michael Bloomberg. Mayoral control includes program direction across 1,600 schools and oversight of New York City public school's approximately $30 billion budget.