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

§ 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.