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S 6740

Extends the authorization of the county of Cattaraugus to impose an additional mortgage recording tax

2025 Regular Session Introduced by George Borrello

Bill S 6740 allows Cattaraugus County to continue imposing an additional mortgage recording tax, increasing costs for homebuyers while funding local services.

SIGNED CHAP.297
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Bill Summary · S 6740

Summary of Bill S 6740

Title: Extends the authorization of the county of Cattaraugus to impose an additional mortgage recording tax
Bill Number: S 6740
Status: SIGNED CHAP.297
Introduced: March 21, 2025

Purpose and Intent

Bill S 6740 aims to extend the authority of Cattaraugus County to impose an additional mortgage recording tax. This extension is intended to provide the county with a continued revenue stream that can be utilized for various local government functions and services.

Key Provisions

  • Extension of Authority: The bill extends the county's ability to levy an additional mortgage recording tax, which is a fee charged on the recording of mortgage documents.
  • Tax Rate: While the specific rate of the additional tax is not detailed in the bill summary, it is typically set as a percentage of the mortgage amount.
  • Duration of Authorization: The bill specifies the duration for which this authority is extended, ensuring that the county can continue to collect this tax without interruption.

Affected Parties

  • Cattaraugus County Residents: Homebuyers and property owners in Cattaraugus County will be directly impacted by the additional mortgage recording tax, as it will increase the costs associated with obtaining a mortgage.
  • Local Government: The county government will benefit from the additional revenue generated by this tax, which can be allocated to various public services, infrastructure projects, and local initiatives.

Legislative Timeline

  • March 21, 2025: Bill introduced and referred to the Committee on Investigations and Government Operations.
  • May 27, 2025: Passed in the Senate and delivered to the Assembly.
  • June 16, 2025: Passed in the Assembly and returned to the Senate; subsequently substituted for Assembly Bill A7420.
  • August 4, 2025: Delivered to the Governor for approval.
  • August 7, 2025: Signed into law as Chapter 297.

Related Bills

  • S 6147: A prior-session bill related to mortgage recording tax.
  • A 7420: A companion bill that was substituted for S 6740 during the legislative process.

Conclusion

Bill S 6740 represents a significant legislative action for Cattaraugus County, allowing for the continuation of an additional mortgage recording tax. This measure is expected to have financial implications for local residents and provide essential funding for county services. The bill has successfully passed through the legislative process and is now law, ensuring that the county can maintain this revenue source moving forward.

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

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