S 432: Extends the expiration of the mortgage recording tax imposed by the city of Yonkers.

  
  STATE OF NEW YORK ________________________________________________________________________ 432 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. STEWART-COUSINS -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to extending the expiration of the mortgage recording tax imposed by the city of Yonkers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 253-d of the tax law, as amended 2 by chapter 179 of the laws of 2023, is amended to read as follows: 3 1. The city of Yonkers, acting through its local legislative body, is 4 hereby authorized and empowered to adopt and amend local laws imposing 5 in any such city during the period beginning September first, nineteen 6 hundred ninety-three and ending August thirty-first, two thousand [twen- 7 ty-five] twenty-seven, a tax of fifty cents for each one hundred dollars 8 and each remaining major fraction thereof of principal debt or obli- 9 gation which is or under any contingency may be secured at the date of 10 execution thereof, or at any time thereafter, by a mortgage on real 11 property situated within such city and recorded on or after the date 12 upon which such tax takes effect and a tax of fifty cents on such mort- 13 gage if the principal debt or obligation which is or by any contingency 14 may be secured by such mortgage is less than one hundred dollars. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01454-01-5