ALBANY - A divided state Court of Appeals held yesterday that federal credit unions are not exempt from the mortgage recording tax, clearing the way for cash-starved municipalities to collect 50-cents for every $100 of a loan.
Hudson Valley Federal Credit Union v. New York State Department of Taxation and Finance, 154, generated great interest with a plethora of amicus filings from credit unions that opposed the tax, municipalities that sought the revenue and the federal government, which insisted the mortgage tax is among the exemptions outlined in a 1934 statute.
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