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Bill

A 6918

Authorizes the town of Copake to establish community preservation funds and to impose a real estate transfer tax with revenues to be deposited into the fund

2025 Regular Session Introduced by Didi Barrett and 1 co-sponsor

Bill A 6918 allows Copake to create a community preservation fund funded by a real estate transfer tax, enhancing local preservation and amenities for residents.

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Bill Summary · A 6918

Summary of Bill A 6918

Bill Number: A 6918
Title: Authorizes the town of Copake to establish community preservation funds and to impose a real estate transfer tax with revenues to be deposited into the fund
Status: Returned to Assembly
Introduced: March 18, 2025
Classification: Bill

Purpose and Intent

Bill A 6918 aims to empower the town of Copake to create a dedicated community preservation fund. This fund is intended to support local initiatives focused on preserving the town's natural, historical, and cultural resources. To finance this fund, the bill allows the town to impose a real estate transfer tax on property transactions.

Key Provisions

  • Establishment of Community Preservation Fund: The bill enables the town of Copake to establish a fund specifically for community preservation efforts.

  • Real Estate Transfer Tax: The legislation permits the town to impose a tax on real estate transfers. The revenue generated from this tax would be allocated directly to the community preservation fund.

  • Use of Funds: While the bill does not specify the exact uses of the fund, it is generally understood that such funds would be utilized for projects that enhance community preservation, including but not limited to:

    • Conservation of open spaces
    • Restoration of historical sites
    • Development of recreational facilities

Affected Parties

  • Residents of Copake: The primary beneficiaries of this bill would be the residents of Copake, who would see enhanced community preservation efforts and potentially improved local amenities.

  • Real Estate Transactions: Property buyers and sellers in Copake would be directly affected by the imposition of the real estate transfer tax, which would increase transaction costs.

Legislative Timeline

  • March 18, 2025: Bill introduced and referred to the Local Governments committee.
  • April 30, 2025: Reported and referred to the Codes committee.
  • May 13, 2025: Reported and referred to the Ways and Means committee.
  • May 27, 2025: Reported and referred to Rules.
  • May 28, 2025: Amended and recommitted to Rules.
  • May 29, 2025: Reported and ordered to third reading.
  • June 12, 2025: Passed in the Assembly and delivered to the Senate.
  • June 12, 2025: Passed in the Senate and returned to the Assembly.

Conclusion

Bill A 6918 represents a significant step for the town of Copake in managing and preserving its community resources. By allowing the establishment of a community preservation fund funded through a real estate transfer tax, the bill aims to enhance the town's ability to invest in local preservation initiatives. The bill's progress through the legislative process indicates a strong interest in supporting community-focused development and conservation efforts.

Compiled from official sources — confirm details with the bill’s official record.

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