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 655 - Special Additional Tax In The Metropolitan Commuter Transportation District And Erie County
Section 655.2 - Distribution of special additional tax in the Metropolitan Commuter Transportation District and Erie County
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 655.2
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, § 261
(a)
(1) The
recording officers of the counties comprising the Metropolitan Commuter
Transportation District and the recording officer of Erie County must account
for and separately distribute the special additional tax paid each month on the
basis of whether such tax paid is attributable to the recording of a mortgage
of real property principally improved or to be principally improved by the type
of residential real property described in section
655.1(a)(1)
of this part. Such tax shall be accounted for and distributed as follows:
(i) with respect to the Metropolitan Commuter
Transportation District, such tax paid upon the recording of mortgages covering
the type of residential real property referred to in this paragraph, must be
accounted for and distributed to the Metropolitan Transportation
Authority;
(ii) with respect to
Erie County, such tax paid upon the recording of mortgages covering the type of
residential real property referred to in this paragraph must be accounted for
and distributed to the State Comptroller for deposit in the Niagara Frontier
Transportation Authority Light Rail Rapid Transit Special Assistance Fund;
and
(iii) with respect to both the
Metropolitan Commuter Transportation District and Erie County, such tax paid
upon the recording of mortgages covering other than the type of real property
referred to in this paragraph must be accounted for and distributed to the
State of New York Mortgage Agency.
(2) The recording officer who receives the
special additional tax imposed and paid upon mortgages covering real property
in two or more counties, must pay over such tax to the recording officer of the
appropriate county based on the apportionment determined by the commissioner,
pursuant to section
260 of the Tax Law.
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