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.

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