Court Rules Against Credit Union In Tax Case

12597_lawsuit Court Rules Against Credit Union In Tax Case New York's Court of Appeals issued a five-to-one ruling that federal credit unions are required to pay the state's mortgage recording tax.

CUNA News reports that the ruling affirms a lower court's decision in the case of Poughkeepsie, N.Y.-based Hudson Valley Federal Credit Union, which filed a lawsuit against the New York State Department of Taxation and Finance in May 2009. The $3.2 billion asset credit union's case was originally dismissed by a lower court, and an appellate court later upheld that ruling.

The credit union has not said if it will pursue the case further. The Court of Appeals is New York's highest court.


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