Limitations of Section 253-b on commercial line of credit

“Section 253-b of the New York State Tax Law is relied upon by many commercial lenders and their counsel as a safe haven exempting re-advances from the payment of additional mortgage tax under commercial credit line mortgages made for a face amount of less than $3 million. That reliance is often misplaced as the benefits under Section 253-b of the tax law are actually very limited in its application.” Click here to continue reading the article.

Reprinted with permission from the New York Real Estate Journal, Tuesday, June 18, 2019.

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