REBNY: "REDUCE GOVERNMENT SPENDING, NO NEW TAXES!"

The Governor's Executive Budget calls for the extension of the Mortgage Recording Tax (MRT) to the filing of financing documents for cooperative apartments.  We have conveyed our opposition to this new tax, especially during these difficult economic times and a soft housing market, to the Governor and the legislature.

We continue to urge Albany and the city to balance its budget through a reduction in spending, not with new taxes on our industry.  A substantial portion of the MRT is given to the county or city in which the recording occurs and a smaller portion is to fund the MTA.

The state imposed a new Mobility Tax last year to find the MTA which all our members pay.  Furthermore, real property and real estate related taxes account for 50 percent of the city total tax revenue.

For the fiscal well-being of our city and our state, we need to reduce government spending, not add another new tax to our already heavily taxed industry.

Look for an email next week, to remind you to visit www.RebnyActionCenter.com to send the same message to elected officials that we have sent--Reduce Government Spending, No New Taxes.

Best regards,

Steven Spinola