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A 7420

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

2025 Regular Session Introduced by Joe Sempolinski

Summary of New York A 7420: Extending Mortgage Recording Tax Authorization for Cattaraugus County OverviewThis bill would extend the authorization for Cattaraugus County, New York

SUBSTITUTED BY S6740
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Bill Summary · A 7420

Summary of New York A 7420: Extending Mortgage Recording Tax Authorization for Cattaraugus County

Overview

This bill would extend the authorization for Cattaraugus County, New York to impose an additional mortgage recording tax. The current authorization is set to expire, and this legislation would prolong the county's ability to levy this supplemental tax.

Key Provisions

  • Extends Cattaraugus County's authority to impose an additional 0.25% mortgage recording tax on top of the standard state tax
  • The additional tax has been in place since 2015 and is set to expire on December 31, 2025
  • This bill would extend the county's authorization to impose the extra tax until December 31, 2030

Impact and Intent

  • Allows Cattaraugus County to continue collecting the additional mortgage recording tax revenue to fund local programs and services
  • Provides ongoing financial support for the county, which can use the tax proceeds at its discretion
  • Maintains the existing tax burden on homebuyers and refinancers in Cattaraugus County beyond the current expiration date

Procedural Details

  • This bill is a companion to the Senate version S 6740
  • It was introduced in the New York State Assembly on March 25, 2025
  • The bill has been substituted by the Senate version S 6740, indicating it will not advance independently

Overall, this legislation is a straightforward extension of an existing county tax authority, allowing Cattaraugus to continue collecting supplemental revenue from mortgage transactions for an additional 5 years beyond the current expiration.

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

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