2013 New York Consolidated Laws
TAX - Tax
Article 1 - (1 - 40) SHORT TITLE; DEFINITIONS; MISCELLANEOUS
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.