ALBANY, N.Y. -- Credit union legislation has passed New York's State Assembly and Senate, and is headed for Gov. Paterson's desk.
The Special Additional Mortgage Recording Tax, state-chartered credit union exemption legislation (A.10979/S.8122) sponsored by Assemblywoman Aurelia Greene (D-Metropolitan) and Sen. Hugh Farley (R-Capital/Adirondack), aims to put an end to the disparity between New York state-chartered credit unions, which must pay the special additional mortgage recording tax and their federally chartered peers that do not.
The legislation exempts state-chartered credit unions from this tax in 2010 and would immediately exempt any federal credit union that chooses to convert to a state charter.
The association and member credit unions advocated this legislation at lobby day during the group's Governmental Affairs Conference in May.
"This legislation remedies a charter disparity and again enhances the dual chartering system in New York," said William J. Mellin, president/CEO of the Credit Union Association of New York. "We thank Assemblywoman Greene and Senator Farley for their leadership, as well as the legislature as a whole for their continuing support of New York's not-for-profit credit unions. Without that support this legislation would not have been possible."