N.Y. TAX Law § 1438-F
This is the official text of N.Y. TAX Law § 1438-F, part of New York’s TAX Law — part of the compiled statutory law of New York, published by the state as "TAX Law." Browse the sections below, each linked to its official government source.
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Credit
Official statutory text
* § 1438-f. Credit. A grantee shall be allowed a credit against the\ntax due on a conveyance of real property to the extent tax was paid by\nsuch grantee on a prior creation of a leasehold of all or a portion of\nthe same real property or on the granting of an option or contract to\npurchase all or a portion of the same real property by such grantee.\nSuch credit shall be computed by multiplying the tax paid on the\ncreation of the leasehold or on the granting of the option or contract\nby a fraction, the numerator of which is the value of the consideration\nused to compute such tax paid which is not yet due to such grantor on\nthe date of the subsequent conveyance (and which such grantor will not\nbe entitled to receive after such date), and the denominator of which is\nthe total value of the consideration used to compute such tax paid.\n * NB Repealed December 31, 2026\n
Status: in_force · Read it on the official government site
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