Servicing Mortgages Credit
Who is eligible?
A credit is allowed to a taxpayer subject to tax under Article 9-A (including former Article 32 taxpayers) that has entered into a contract with the state of New York mortgage agency (SONYMA) to service mortgages acquired by SONYMA according to the state of New York mortgage agency act.
How much is the credit?
The amount of credit allowed for the current year is allocated by SONYMA who supplies a letter stating the amount allowable.
Note: The credit may not reduce the tax due below the fixed dollar minimum tax. Any amount not used in the current tax year may not be refunded, credited as an overpayment, or carried forward.
- Form CT-37, Servicing Mortgages Credit