ยง 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.
Structure New York Laws
Article 1 - Short Title; Definitions; Miscellaneous
4 - Exemption From Certain Excise and Sales Taxes Granted to the United Nations.
5 - Obtaining and Furnishing Taxpayer Identification Information.
6 - Filing of Warrants in the Department of State.
7 - Inapplicability of Certain Money Judgment Enforcement Procedures.
8 - Exemption From Taxes Granted to Remics.
9 - Electronic Funds Transfer by Certain Taxpayers Remitting Withholding Taxes.
11 - Certified Capital Companies.
12 - Internet; Advertising, Vendor Status, Nexus.
14-A - Imb Credit for Energy Taxes.
15 - Qeze Credit for Real Property Taxes.
16 - Qeze Tax Reduction Credit.
17 - Empire Zones Tax Benefits Report.
18 - Low-Income Housing Credit.
20 - Credit for Transportation Improvement Contributions.
21 - Brownfield Redevelopment Tax Credit.
21*2 - Disclosure of Taxpayer Information in Cases Involving Abandoned Property.
22 - Tax Credit for Remediated Brownfields.
23 - Environmental Remediation Insurance Credit.
24 - Empire State Film Production Credit.
24-A - Musical and Theatrical Production Credit.
24-B - Television Writers' and Directors' Fees and Salaries Credit.
24-C - New York City Musical and Theatrical Production Tax Credit.
25 - Disclosure of Certain Transactions and Related Information.
26 - Security Training Tax Credit.
27 - Suspension of Tax-Exempt Status of Terrorist Organizations.
28 - Empire State Commercial Production Credit.
28*2 - Biofuel Production Credit.
29 - Mandatory Electronic Filing and Payment.
30 - Bad Check or Failed Electronic Funds Withdrawal Fee.
31 - Excelsior Jobs Program Credit.
31*2 - Empire State Film Post Production Credit.
32 - Registration of Tax Return Preparers.
33 - Correction Periods for Electronic Tax Documents and Payments.
33*2 - Temporary Deferral of Certain Tax Credits.
34*2 - Temporary Deferral Payout Credits.
35 - Use of Electronic Means of Communication.
35*2 - Economic Transformation and Facility Redevelopment Program Tax Credit.
36 - Empire State Jobs Retention Program Credit.
37 - Alcoholic Beverage Production Credit.
38 - New York Innovation Hot Spot Program Tax Benefits.
38*2 - Minimum Wage Reimbursement Credit.
39 - Tax Benefits for Businesses Located in Tax-Free Ny Areas and Employees of Such Businesses.
39-A - Penalties for Fraud in the Start-Up Ny Program.
40 - The Tax-Free Ny Area Tax Elimination Credit.
41 - Limitation on Tax Credit Eligibility.
42 - Farm Workforce Retention Credit.
42-A - Farm Employer Overtime Credit.
43 - Life Sciences Research and Develpoment Tax Credit.
43*2 - Single Member Limited Liability Companies and Eligibility for Tax Credits.
44 - Employer-Provided Child Care Credit.
45 - Empire State Digital Gaming Media Production Credit.
46 - Restaurant Return-to-Work Tax Credit.
46-A - Additional Restaurant Return-to-Work Tax Credit.
47 - Covid-19 Capital Costs Tax Credit.
47*2 - Grade No. 6 Heating Oil Conversion Tax Credit.
47*3 - Suspension of Certain Taxes on Motor Fuel and Diesel Motor Fuel.