Bill
A 5007
Overview: Bill Number: A 5007, Title: Extends the authorization of the county of Greene to impose an additional mortgage recording tax, Status: SUBSTITUTED BY S6212, Introduced: Oc
Overview: Bill Number: A 5007, Title: Extends the authorization of the county of Greene to impose an additional mortgage recording tax, Status: SUBSTITUTED BY S6212, Introduced: October 28, 2024
Purpose and Intent: This bill seeks to extend the authorization for Greene County, New York, to impose an additional mortgage recording tax. The additional tax revenue would be used to support critical infrastructure projects and community development initiatives within the county.
Key Provisions:
- Extends the county's authority to impose an additional 0.25% mortgage recording tax for a period of 5 years
- Specifies that the revenue generated from the additional tax must be used for infrastructure improvements, economic development, and other community-based projects
- Requires the county to submit an annual report to the state legislature detailing the use of the additional tax revenue
Affected Parties and Impacts:
- Homeowners and businesses in Greene County will be subject to the additional mortgage recording tax when obtaining a mortgage
- The county government will have access to additional funding to address infrastructure needs and support economic development initiatives, potentially benefiting the local community
Procedural and Timeline Considerations:
The original bill (A 5007) has been substituted by a Senate version (S6212), which is currently under consideration. If the substituted bill is passed and signed into law, the additional mortgage recording tax authorization will be extended for 5 years, effective immediately.
Compiled from official sources — confirm details with the bill’s official record.
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