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News Now

CU System
N.Y. CUs exempt from special mortgage recording tax
ALBANY, N.Y. (1/8/10)--A bill that exempts New York state-chartered credit unions from the state’s special additional mortgage recording tax went into effect Jan. 1. “The bill levels the playing field [for state credit unions] with their federal counterparts,” Bonnie Sklar, Credit Union Association of New York public relations coordinator, told News Now. Federal credit unions in New York are exempt from the tax. The bill, Special Additional Mortgage Recording Tax (SAMRT) bill, was signed into law by New York Gov. David Paterson in September 2008.
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