New York § 1445 Credit

New York Statutes

§ 1445 — Credit

New York § 1445

Law TAXTax

Art. 31-BTax On Real Estate Transfers In the Town of Brookhaven

This text of New York § 1445 (Credit) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Tax § 1445 (2026).

Text

  * § 1445. Credit. A grantee shall be allowed a credit against the tax\ndue on a conveyance of real property to the extent tax was paid by such\ngrantee on a prior creation of a leasehold of all or a portion of the\nsame 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

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* § 1445. Credit. A grantee shall be allowed a credit against the tax\ndue on a conveyance of real property to the extent tax was paid by such\ngrantee on a prior creation of a leasehold of all or a portion of the\nsame 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such date), and the denominator of which is\nthe total value of the consideration used to compute such tax paid.\n * NB Repealed December 31, 2025\n