Top NY Court Rules Credit Unions Must Pay Mortgage Tax

Law360, New York (October 19, 2012, 6:28 PM EDT) -- New York's top court on Thursday ruled that federal credit unions are required to pay a state mortgage tax on home loans they originate, ruling that federal law does not specifically exempt them from such taxes.

The New York State Court of Appeals ruled that credit unions are exempt from most state taxes under the Federal Credit Union Act, federal law does not allow them to escape from paying taxes on mortgages. When Congress wants to exempt mortgages issued by federally chartered financial institutions, it does...
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