Sec. 20-3.1. General

Latest version.

Tax Law, § 1456(a)
(a) Every bank, as defined in section 2402 of the Public Authorities Law, which enters into a contract with the State of New York Mortgage Agency to service mortgages secured by liens on real estate improved by residential structures acquired by such agency, is allowed a credit for servicing such mortgages against the tax imposed by article 32 of the Tax Law.
(b) Each taxpayer included in a combined return must compute its own credit for servicing mortgages. The sum of such credits may then be applied against the combined tax as computed in Part 18 of this Title.

                    
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