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S 432

Fort Ontario Holocaust Refugee Shelter National Historical Park Establishment Act

119th Congress Introduced by Kirsten Gillibrand and 1 co-sponsor

Bill S 432 extends Yonkers' mortgage recording tax, ensuring continued funding for local services and impacting homebuyers and property owners financially.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 432

Summary of Bill S 432

Bill Information

  • Bill Number: S 432
  • Title: Extends the expiration of the mortgage recording tax imposed by the city of Yonkers
  • Status: Substituted by A5329
  • Introduced: January 08, 2025
  • Classification: Bill

Purpose and Intent

Bill S 432 aims to extend the expiration date of the mortgage recording tax that is currently imposed by the city of Yonkers. This tax is a fee charged on the recording of mortgage documents, which is a critical revenue source for the city. The extension is intended to provide continued funding for local services and infrastructure.

Key Provisions

  • Extension of Tax: The bill proposes to extend the duration of the existing mortgage recording tax, allowing the city of Yonkers to continue collecting this revenue beyond its current expiration date.
  • Impact on Local Revenue: By extending this tax, the city aims to maintain its financial stability and support essential services that rely on this funding.

Affected Parties

  • City of Yonkers: The primary beneficiary of this bill is the city itself, which relies on the mortgage recording tax for its budget.
  • Homebuyers and Property Owners: Individuals and businesses engaging in real estate transactions in Yonkers would be subject to this tax, potentially affecting their financial planning and costs associated with purchasing property.

Legislative Timeline

  • January 08, 2025: Bill S 432 was introduced and referred to the Committee on Investigations and Government Operations.
  • April 29, 2025: The bill was reported for the first time (1st Report Cal. 788).
  • April 30, 2025: The bill advanced to the second report calendar (2nd Report Cal.).
  • May 01, 2025: The bill was advanced to a third reading.
  • May 27, 2025: Bill S 432 was substituted by A5329, indicating that the provisions of this bill may be incorporated into the companion bill for further consideration.

Related Legislation

  • A 5329: This is the companion bill that has substituted S 432. It is important for readers to follow the progress of A 5329 for updates on the mortgage recording tax extension.
  • S 6822: A related bill from a prior session that may provide context or background on the legislative history of the mortgage recording tax.

Conclusion

Bill S 432 represents a significant legislative effort to secure ongoing funding for the city of Yonkers through the extension of the mortgage recording tax. Stakeholders, including local government officials and residents, should monitor the progress of this bill and its companion, A 5329, as it moves through the legislative process.

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

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