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Bill

A 2728

Extends provisions of law authorizing the county of Livingston to impose an additional mortgage recording tax

2025 Regular Session Introduced by Andrea Bailey

Bill A 2728 allows Livingston County to continue imposing an additional mortgage recording tax, boosting local revenue for services and impacting homebuyers' costs.

SUBSTITUTED BY S1078A
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WeVote Research Nonpartisan
Bill Summary · A 2728

Summary of Bill A 2728

Bill Overview

  • Bill Number: A 2728
  • Title: Extends provisions of law authorizing the county of Livingston to impose an additional mortgage recording tax
  • Status: Substituted by S1078A
  • Introduced: January 22, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill A 2728 is to extend the authority of the county of Livingston to impose an additional mortgage recording tax. This tax is intended to provide the county with additional revenue, which can be utilized for various local government services and infrastructure projects.

Key Provisions

  • Extension of Authority: The bill seeks to continue the existing provisions that allow the county of Livingston to levy an additional mortgage recording tax beyond its current expiration date.
  • Tax Rate and Application: While specific rates are not detailed in the summary, the bill would enable the county to set a rate for the additional tax, which would apply to mortgage recordings within its jurisdiction.

Impact

  • County of Livingston: The primary beneficiary of this bill would be the county government, which would gain a new revenue stream to support local initiatives.
  • Homebuyers and Property Owners: Individuals engaging in mortgage transactions within Livingston County may be affected by the additional tax, as it would increase the cost of recording mortgages.
  • Local Services: The revenue generated from this tax could potentially enhance funding for public services such as education, infrastructure, and public safety within the county.

Legislative Timeline

  • January 22, 2025: Bill A 2728 was introduced and referred to the Ways and Means Committee.
  • February 3, 2025: The bill was amended and recommitted to the Ways and Means Committee, with a new print number assigned (2728A).
  • June 6, 2025: The bill was reported and referred to the Rules Committee.
  • June 10, 2025: The bill was reported again, ordered to third reading, and ultimately substituted by S1078A.

Related Bills

  • S 1078: This is the companion bill to A 2728, which likely addresses similar provisions regarding the mortgage recording tax in Livingston County.

Conclusion

Bill A 2728 aims to extend the authority for an additional mortgage recording tax in Livingston County, which could significantly impact local revenue and services. The bill has undergone several legislative actions and has been substituted by a related bill, S1078A, indicating ongoing discussions and potential modifications to the proposed tax structure.

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

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