Summary of Bill S 1078

Bill Information

• Bill Number: S 1078
• Title: Extends provisions of law authorizing the county of Livingston to impose an additional mortgage recording tax
• Status: Signed into law as Chapter 257
• Introduced: January 8, 2025

Purpose and Intent

Bill S 1078 aims to extend the authority of the county of Livingston to impose an additional mortgage recording tax. This provision is intended to provide the county with a new revenue source that can be utilized for various local government needs, including infrastructure improvements and public services.

Key Provisions

• Extension of Authority: The bill extends the existing law that allows Livingston County to impose an additional mortgage recording tax.
• Tax Implementation: The specifics regarding the rate of the additional tax and the duration of its imposition are not detailed in the summary but are typically defined in the legislative text.
• Revenue Utilization: The funds generated from this additional tax are expected to support local government functions and projects, although specific allocations may be determined by future county budgets.

Affected Parties

• County of Livingston: The primary beneficiary of this legislation, as it allows the county to generate additional revenue.
• Homebuyers and Mortgage Borrowers: Individuals taking out mortgages in Livingston County will be subject to the additional recording tax, which may affect the overall cost of obtaining a mortgage.

Legislative Timeline

• January 8, 2025: Bill introduced and referred to the Committee on Investigations and Government Operations.
• May 27, 2025: Passed by the Senate and delivered to the Assembly.
• June 10, 2025: Passed by the Assembly and returned to the Senate.
• August 4, 2025: Delivered to the Governor for approval.
• August 7, 2025: Signed into law as Chapter 257.

Related Legislation

• A 2728: This bill serves as a companion to S 1078, likely addressing similar issues or providing additional context for the mortgage recording tax in Livingston County.

Conclusion

Bill S 1078 represents a significant legislative action for Livingston County, enabling it to impose an additional mortgage recording tax. This measure is expected to enhance local revenue and support essential government services, impacting both the county's financial landscape and the residents engaging in mortgage transactions.