§ 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.

Terms Used In N.Y. Tax Law 1565

  • Buyer: means the person who obtains real property or interest therein as a result of a conveyance. See N.Y. Tax Law 1560
  • Consideration: means the price actually paid or required to be paid for the real property or interest therein, including payment for an option or contract to purchase real property, whether or not expressed in the deed and whether paid or required to be paid by money, property, or any other thing of value. See N.Y. Tax Law 1560
  • Contract: A legal written agreement that becomes binding when signed.
  • Conveyance: means the transfer or transfers of any interest in real property by any method, including but not limited to, sale, exchange, assignment, surrender, mortgage foreclosure, transfer in lieu of foreclosure, option, trust indenture, taking by eminent domain, conveyance upon liquidation or by a receiver, or transfer or acquisition of a controlling interest in any entity with an interest in real property. See N.Y. Tax Law 1560
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means every estate or right, legal or equitable, present or future, vested or contingent, in lands, tenements or hereditaments, including buildings, structures and other improvements thereon, which are located in whole or in part within any designated community. See N.Y. Tax Law 1560
  • Seller: means the person making the conveyance of real property or interest therein. See N.Y. Tax Law 1560
  • Tax: means the real estate transfer tax payable on a real property conveyance pursuant to section fifteen hundred sixty-one of this article, but shall have a different meaning if the context clearly indicates such as the real estate transfer tax imposed pursuant to article thirty-one of this chapter. See N.Y. Tax Law 1560
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