New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 647 - Credit Line Mortgage
Section 647.1 - Credit line mortgage
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 647.1
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, § 253-b
When a credit line mortgage, as defined in section 641.10 of this Title, is recorded, the taxes described in Part 642 of this Title which are imposed or authorized to be imposed pursuant to article 11 of the Tax Law, shall be based upon the maximum principal amount which is, or under any contingency may be, secured by such mortgage at the date of execution or any time thereafter.
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