N.Y. Banking Law § 479

§ 479. Credit union not liable for taxation. Any credit union subject\nto the provisions of this article shall be deemed an institution for\nsavings within the meaning of the law which exempts such institutions\nfrom taxation. No law which taxes corporations in any form, or the\nshares thereof or the accumulations therein, shall apply to corporations\ndoing business in accordance with the provisions of this article, unless\nsuch corporations are specifically named in said law.\n