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ALBANY, N.Y. – Gov. George Pataki signed into law the State-Chartered Credit Union Preservation and Promotion Act that exempts state-chartered credit unions from paying New York State and local sales taxes. A.8830/S-5618 passed both houses of the state legislature on June 23. The new law is effective March 1, 2008. The law also has a provision that stipulates any federal credit union that converts to a state charter before that effective date will retain its sales tax exemption and will not have to wait until the 2008 implementation data. New York State Credit Union League President/CEO William Mellin called the law “a huge victory for New York’s credit unions and a giant step towards preserving the state charter.” The law was sponsored in both houses by their respective banking chairs – Assemblywoman Catherine Nolan (D-Queens) and Sen. Hugh Farley (R-Capital). Nolan said she was “thrilled to see this important bill signed into law and to have been helpful in providing this critical support to state-chartered credit unions.” Farley said the new law “levels the playing field for state-chartered credit unions and recognizes the fact that all credit unions are not-for-profit organizations dedicated to meeting the financial needs of their members.” There are currently 32 state-chartered CUs and 525 federal credit unions doing business in New York State.

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