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CU System
CU tax exemption legislation passes New York houses
ALBANY, N.Y. (7/3/08)--Legislation that would exempt state-chartered credit unions in New York from paying special additional mortgage recording tax (SAMRT) in 2010 passed through the New York State Senate and Assembly last week. The legislation also would allow any federally chartered credit union that chooses to convert to a state charter an immediate exemption from the tax. Under current law, state-chartered credit unions are required to pay SAMRT, but the tax is not imposed on federal credit unions, the Credit Union Association of New York said in a release. “This legislation remedies a charter disparity and enhances the dual chartering system of New York,” said William J. Mellin, president/CEO of the Credit Union Association of New York. The legislation was sponsored by State Rep. Aurelia Greene (D-Metropolitan) and State Sen. Hugh Farley (R-Capital/Adirondack). The association and member credit unions advocated for the legislation at lobby day during the Governmental Affairs Conference in May.
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