N.Y. Tax Law § 187 — Credit for special additional mortgage recording tax

§ 187. Credit for special additional mortgage recording tax. 1. A\ntaxpayer shall be allowed a credit, to be credited against the taxes\nimposed by this article, other than the taxes and fees imposed by\nsections one hundred eighty-six-a and one hundred eighty-six-e of this\nchapter. The amount of the credit shall be the amount of the special\nadditional mortgage recording tax paid by the taxpayer pursuant to the\nprovisions of subdivision one-a of section two hundred fifty-three of\nthis chapter on mortgages recorded on and after January first, nineteen\nhundred seventy-nine. Provided, however, that the amount of such credit\nallowable against the tax imposed by section one hundred eighty-four of\nthis chapter shall be the excess of the amount of such special\nadditional mortgage recording tax paid over the amount of any credit\nallowed by this section against the tax imposed by section one hundred\neighty-three of this chapter. Provided further, however, no credit shall\nbe allowed with respect to a mortgage of real property principally\nimproved or to be improved by one or more structures containing in the\naggregate not more than six residential dwelling units, each dwelling\nunit having its own separate cooking facilities, where the real property\nis located in one or more of the counties comprising the metropolitan\ncommuter transportation district and where the mortgage is recorded on\nor after May first, nineteen hundred eighty-seven. Provided further,\nhowever, no credit shall be allowed with respect to a mortgage of real\nproperty principally improved or to be improved by one or more\nstructures containing in the aggregate not more than six residential\ndwelling units, each dwelling unit having its own separate cooking\nfacilities, where the real property is located in the county of Erie and\nwhere the mortgage is recorded on or after May first, nineteen hundred\neighty-seven.\n 2. In no event shall the credit herein provided for be allowed in an\namount which will reduce the tax payable to less than the applicable\nminimum tax fixed by section one hundred eighty-three or former section\none hundred eighty-six. If, however, the amount of credit allowable\nunder this section for any taxable year reduces the tax to such amount,\nany amount of credit not deductible in such taxable year may be carried\nover to the following year or years and may be deducted from the\ntaxpayer's tax for such year or years.\n