New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 651 - Credit Allowed For Mortgage Tax Paid To First Purchasers Of Condominium Units
Section 651.1 - Allowance of credit
Current through Register Vol. 46, No. 12, March 20, 2024
Real Property Law, § 339ee
(a) Where mortgage and recording taxes are paid upon the recording of a construction or blanket mortgage and the conditions described in either subdivision (b) or (c) of this section are met, there shall be a credit allowed which may be applied against the basic tax and, where applicable, the additional tax, the City of New York tax, the City of Yonkers tax and the Broome County tax which would otherwise be payable upon the recording of a purchase money mortgage, the proceeds of which are used for the first purchase of a condominium unit which is submitted to the provisions of the Condominium Act (article 9-B of the Real Property Law). The credit described in this Part is not applicable to the special additional tax described in section 642.3 of this Title.
(b)
(c)