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News Now

CU System
Hudson Valley hearing held on mortgage recording tax
ALBANY, N.Y. (9/5/12)--Oral arguments in Hudson Valley FCU's legal challenge against New York state's mortgage recording tax  (MRT) were made Tuesday before the Court of Appeals of the State of New York--the state's highest court.

Attending the hearing on behalf of the Credit Union National Association (CUNA) and the Credit Union Association of New York (CUANY) were CUANY President/CEO William Mellin, CUANY General Counsel Mike Lanotte and CUANY Associate General Counsel Henry Meier.

Eli Mattioli, a partner in K&L Gates LLP, a law firm representing the Poughkeepsie, N.Y.-based credit union, emphasized before the court that the language of the Federal Credit Union Act and Supreme Court precedent exempt federal credit unions from paying the mortgage recording tax.  

CUNA, CUANY, the National Association of Federal Credit Unions, and the Justice Department filed amicus briefs in support of Hudson Valley.

A lower court had ruled that the credit union was not exempt from paying the MRT and the credit union appealed.

The state stuck to its argument that New York state law is not a property tax and therefore is not a tax that's forbidden by the Federal Credit Union Act, Meier told News Now.

The court has 30 to 60 days to render its decision in the appeal, said Meier. A summary of the case is live on the court's website. Use the link and scroll to Hudson Valley FCU v. New York State Department of Taxation and Finance.

Also, a webcast of the arguments will be made available on the court's oral argument archives on its website after next Monday. Use the link, then access "oral argument review" under "Live Oral Arguments Webcast" to the right of the home page.
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