2006 New York Code - Estimated Tax On Sale Or Transfer Of Real Property By Nonresident

 
    §  663.  Estimated  tax  on  sale  or  transfer  of  real  property by
  nonresident.  (a) Upon the sale of real property within the state  by  a
  nonresident taxpayer, the nonresident shall estimate the personal income
  tax  liability  on  the  gain,  if  any,  from such sale or transfer. In
  addition, upon the sale, conveyance or other disposition  of  shares  of
  stock  in  a  cooperative  housing  corporation  in  connection with the
  transfer of a proprietary leasehold by the owner thereof and subject  to
  the  provisions  of  article thirty-one of this chapter, the nonresident
  shall estimate the personal income tax liability on the  gain,  if  any,
  from such sale, conveyance or other disposition.
    (b)  Such  estimation  shall  be  done  upon  a form prescribed by the
  commissioner, utilizing an estimated tax rate equal to the highest  rate
  of tax for the taxable year set forth in section six hundred one of this
  article.
    (c) This section shall not apply where:
    (1)  The  real  property  being  sold  or  transferred  is a principal
  residence of the seller or transferor within the meaning of section  121
  of the Internal Revenue Code;
    (2)  The  seller  or transferor is a mortgagor conveying the mortgaged
  property to a mortgagee in foreclosure or  in  a  transfer  in  lieu  of
  foreclosure with no additional consideration; or
    (3)  The  transferor  or  transferee  is an agency or authority of the
  United States of America, an agency or authority of  the  state  of  New
  York,  the  Federal National Mortgage Association, the Federal Home Loan
  Mortgage Corporation, or the Government National  Mortgage  Association,
  or a private mortgage insurance company; or
    (4) The proprietary leasehold being transferred in connection with the
  sale,  conveyance  or  other  disposition  of  the  shares of stock in a
  cooperative housing corporation is a principal residence of  the  seller
  or  transferor within the meaning of section 121 of the Internal Revenue
  Code;
    (d) A recording officer shall not record or accept for record any deed
  unless accompanied by a form prescribed by the commissioner pursuant  to
  subsection  (b)  of  this  section  and the payment of any estimated tax
  shown  as  payable  on  such  form,  or  unless  such  form  includes  a
  certification by the transferor that this section is inapplicable to the
  sale or transfer.
    (e)  Every recording officer shall act as an agent of the commissioner
  for purposes of collecting the estimated personal income  tax,  if  any,
  shown  to be payable upon the form prescribed pursuant to subsection (b)
  of this section. The commissioner, by regulation, shall prescribe one or
  more methods for the recording officer's collection  of  such  estimated
  tax.  Every  recording officer shall remit to the commissioner any funds
  collected and any returns filed with such recording officer  under  this
  section  on  such  days  as  the  commissioner  shall  set by regulation
  consistent with the provisions of section fourteen hundred ten  of  this
  chapter for the remission of the tax imposed under article thirty-one of
  this  chapter. Every recording officer also shall follow such procedures
  and keep such records in respect to the implementation of  this  section
  as the commissioner may prescribe.
    (f) A recording officer shall not be liable under this section for any
  inaccuracy   in  any  statement  on  the  form  prescribed  pursuant  to
  subsection (b) of this section or in the amount  of  estimated  personal
  income  tax  he or she shall collect under this section so long as he or
  she shall collect the estimated personal income tax shown as payable  on
  such form.
    (g) If a deed is recorded notwithstanding an omission or inaccuracy in
  the form prescribed pursuant to subsection (b) of this section or in any
  certification  by  the  transferor  on  such form or a deficiency in the
  payment of estimated personal income tax required by this  section,  the
  record of such deed shall not be invalidated by reason of such omission,
  inaccuracy,  erroneous  certification  or deficiency nor shall the title
  founded on such deed be impaired thereby.
    (h)  The  commissioner  shall   promulgate   rules   and   regulations
  implementing this section.
    (i)  The  estimated personal income tax liability on the gain, if any,
  from the sale, conveyance or other disposition of shares of stock  in  a
  cooperative  housing  corporation  shall  be paid to the commissioner no
  later than the fifteenth  day  after  the  delivery  of  the  instrument
  affecting  such  sale,  conveyance or other disposition. For purposes of
  this section, the date of the instrument affecting such sale, conveyance
  or other disposition shall be presumed to be the  date  of  delivery  of
  such instrument.