The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-27

eHE REPEAL BILL ATTACKED IN
TIE ASSEMBLY,

II Provides for q Recording Tax anu FAr'
wade Says 1t Was Conceived to Evade
Paying the Tax Under tho Present
Law-Bm Put Over Untfl Wednesday
ALBANY, March 2o.-Assemblyman Wade
OF Chautauqua, stung to anger because Oh
his inability to keep the bill placing q record
ing tax on mortgages and repeating the
present annual Mortgage Tax Law in his
committee on, taxation, tonight maze
sensational charges in the Assembly cham~
Der when the Recording Tax bill came
UP on the order Of second reading. Mr.
Wade's main charge was that the people
who had taken mortgages on demand were
behind the bill placing a recording tax
on mortgages in order to evade payment
of the mortgage tax under the law OF last
year.. He offered as an amendment hat all
taxes on mortgages due until June 30 next
shall be paid the same as If the law was
in force.
Assemblyman Bowling (Rep., Brooklyn)
refused to accept the amendment.
Mr.. Wade said that he would fight the
bill in its present form until he had either
amended or defeated It. He called the
Bowling bill the most obnoxious billthat has
come before the Legislature his session.
He said.
know the source from which 1t emanated
I know In what organization. that has resorteo
TO every known ingenuity to escape the Prov
sions of the Mortgage Tax law. this bill was
conceived. The Allied Real Estate owners
Association Is behind this bill. For wnat
purpose2 They would not be for any Dill
that did not permit an evasion of the Mort
gage Tax law. Take the trust companies
the savings banks and the money lenders
Of the State. They are holding of the tax
aymen on the mortgages they hold until
June 80 next. Adopt my amendment ana
see how they will be for this bill. Go Into
the city of Syracuse. The trust companies
there have loaned 5000. 900 on MORTGAGES
and have paid sis4 taxes. waiting until June
80 TO make the remaining payments II thls
bill does not become. a law. The savings
banks of that city have also loaned 5000 oOo
on mortgages and they have paid slld 30 lar
in taxes.
Is this bill In the interests Of the borrowers?
Not much. Last year when three Senators
and myself were framing the Mortgage lax
law a representative Of the Allied Real Estate
Owners Association came to US. We had
finally placed a provision In the bill which
would prevent the borrower from being
compelled to pay the tax. The opposition
until that time had been crying that the Dor.
rover would have to bear the additionel
burden of the tax. We took care OF tnat IN
the bill. Then this representative OF the
Allied Real Estate Owners Association said:
Take out that provision and we VIII support
the bill"
Mr.. Wade charged that the money lend
ers were taking mortgages on demand
and not paying the tax, waiting until June
30 next to see If 1t Is made necessary to pay
such taxes, but expecting that the Downing
bill will 20 through and they will escape
payment.
Assemblyman Agnew interrupted to ask
a question, adding to the question: The
gentlemen has made 30 many statements
concerning mortgage taxes that nave not
come true ~
Mr.. Wade took offence at this, insisting
that Mr.. Agnew had intimated that he
had made false statements.
Mr.. Agnew a~pologized and said that he
should have said predictions instead OF
Assemblyman Patton Of Erie also offered
an amendment which would strike out the
provisions in the Bowling bill which pro-
vides that under this proposed recording
tax law there shall be no exemptions.
After some ~parleying the bill was finally
put over until Wednesday. Mr.. wade
promises to make some additional dis
closures regarding the efforts to repeal the
mortgage tax law. ~
was going the rounds of the Assembly
chamber tonight. The Committee on
Taxation, OF which Mr.. Wade is chairman,
is composed mainly Of members III are
opposed to the Mortgage Tax q W Mr..
Wade regarded this as an affront TO him
when the committee was made up, Tor he
realized that he would be unable to prevent
a bill repeating the Mortgage Tax law from
being reported.