RESOLUTION
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP ROBINSON, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA -ISAAC, DIAZ AND MERANTE:
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RESOLUTION ISSUING A HOME RULE MESSAGE FOR SENATE BILL NO. S432 AND ASSEMBLY BILL NO. A5329, AN ACT TO AMEND THE LOCAL FINANCE LAW, IN RELATION TO THE MORTGAGE RECORDING TAX OF THE CITY OF YONKERS
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WHEREAS, the City of Yonkers currently receives revenue from a Mortgage Recording Tax, the imposition of which is authorized under New York State Tax Law, Article 11, Section 253-d; and
WHEREAS, this Mortgage Recording Tax provides supplemental revenue to the City of Yonkers; and
WHEREAS, this Mortgage Recording Tax is set to expire by operation of law on August 31, 2025, unless said date is extended; and
WHEREAS, should the Mortgage Recording Tax expire, the loss of such revenue at this time will result in a gap between the revenues and expenditures of the City of Yonkers; and
WHEREAS, Senate Bill No. S432 and Assembly Bill No. A5329 have been introduced into the New York State Legislature for the purpose of extending said authorization.
NOW THEREFORE, BE IT RESOLVED that the City Council of the City of Yonkers hereby issues this Home Rule Request Message for Senate Bill No. S432 and Assembly Bill No. A5329 to amend Section 253-d of Article 11 of the New York State Tax Law to extend until August 31, 2027, the Mortgage Recording Tax of the City of Yonkers; and
BE IT FURTHER RESOLVED, that the City Council requests the City Clerk to forward a copy of this Home Rule Request Message to Legislature of the State of New York requesting the passage of the aforesaid bills.