TopJanuary 2010 Newsflash
PRESTIGE TITLE AGENCY, INC.

Prestige Title
Newsflash

New York Governor's Proposed Draft Budget Bill Includes Legislation Expanding the Scope of the Mortgage Recording Tax to Apply to Cooperatives
 

New York Governor Paterson's Proposed Draft Budget Bill, in an "attempt to provide the City of New York and county governments with potential additional revenue," proposes to expand the Scope of the Mortgage Recording Tax to apply to Cooperatives.  The Governor is proposing a bill which would "expand the scope of the Mortgage Recording Tax, which is currently imposed on the recording of mortgages on real property with the county clerk, to include the filing of a financing statement securing a loan for the purchase of an ownership interest in a cooperative housing unit." The bill would "subject the filing of a financing statement with the county clerk to a tax that is calculated, administered, collected and distributed according to the laws pertaining to the tax on mortgages under Article 11 of the Tax Law."

 

Under the bill, the act would "take effect on the first day of the third month after it becomes law" and would apply to "financing statements filed on or after such date."

 

This is a proposed bill which clearly raises a whole host of questions and issues.  When additional information becomes available, we will forward such information to you.

If you have any questions or would like further information regarding this newsflash, please contact Michael Alfieri, Esq. at (212) 651-1200 or malfieri@prestitle.com.

Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide.  For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com.
Website: www.PresTitle.com
15 W. 39th St., 10th Fl. New York, NY 10018 (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association