N.Y. Tax Law § 8 (2026)

§ 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.