N.Y. Tax Law § 8: Exemption from taxes granted to REMICs

§ 8. Exemption from taxes granted to REMICs. An entity that is treated

for federal income tax purposes as a real estate mortgage investment

conduit, hereinafter referred to as a REMIC, as such term is defined in

section 860D of the internal revenue code, shall be exempt from all

taxation imposed or authorized under this chapter, upon its capital

stock, franchises or income. A REMIC shall not be treated as a

corporation, partnership or trust for purposes of this chapter. The

assets of a REMIC shall not be included in the calculation of any

franchise tax liability under this chapter. This provision does not

exempt the holders of regular or residual interests, as defined in

section 860G of the internal revenue code, in a REMIC from tax on or

measured by such regular or residual interests, or on income from such

interests.