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This entry was published on 2018-01-05
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SECTION 187
Credit for special additional mortgage recording tax
Tax (TAX) CHAPTER 60, ARTICLE 9
§ 187. Credit for special additional mortgage recording tax. 1. A
taxpayer shall be allowed a credit, to be credited against the taxes
imposed by this article, other than the taxes and fees imposed by
sections one hundred eighty-six-a and one hundred eighty-six-e of this
chapter. The amount of the credit shall be the amount of the special
additional mortgage recording tax paid by the taxpayer pursuant to the
provisions of subdivision one-a of section two hundred fifty-three of
this chapter on mortgages recorded on and after January first, nineteen
hundred seventy-nine. Provided, however, that the amount of such credit
allowable against the tax imposed by section one hundred eighty-four of
this chapter shall be the excess of the amount of such special
additional mortgage recording tax paid over the amount of any credit
allowed by this section against the tax imposed by section one hundred
eighty-three of this chapter. Provided further, however, no credit shall
be allowed with respect to a mortgage of real property principally
improved or to be improved by one or more structures containing in the
aggregate not more than six residential dwelling units, each dwelling
unit having its own separate cooking facilities, where the real property
is located in one or more of the counties comprising the metropolitan
commuter transportation district and where the mortgage is recorded on
or after May first, nineteen hundred eighty-seven. Provided further,
however, no credit shall be allowed with respect to a mortgage of real
property principally improved or to be improved by one or more
structures containing in the aggregate not more than six residential
dwelling units, each dwelling unit having its own separate cooking
facilities, where the real property is located in the county of Erie and
where the mortgage is recorded on or after May first, nineteen hundred
eighty-seven.

2. In no event shall the credit herein provided for be allowed in an
amount which will reduce the tax payable to less than the applicable
minimum tax fixed by section one hundred eighty-three or former section
one hundred eighty-six. If, however, the amount of credit allowable
under this section for any taxable year reduces the tax to such amount,
any amount of credit not deductible in such taxable year may be carried
over to the following year or years and may be deducted from the
taxpayer's tax for such year or years.