N.Y. Tax Law Section 1565
Credit

A buyer shall be allowed a credit against the tax due on a conveyance of real property to the extent tax was paid by such buyer on a prior creation of a leasehold of all or a portion of the same real property or on the granting of an option or contract to purchase all or a portion of the same real property by such buyer. Such credit shall be computed by multiplying the tax paid on the creation of the leasehold or on the granting of the option or contract by a fraction, the numerator of which is the value of the consideration used to compute such tax paid which is not yet due to such seller on the date of the subsequent conveyance (and which such seller will not be entitled to receive after such date), and the denominator of which is the total value of the consideration used to compute such tax paid.

Source: Section 1565 — Credit, https://www.­nysenate.­gov/legislation/laws/TAX/1565 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 1565’s source at nysenate​.gov

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