Bulletin: NY000488

Date:
December 22, 2011
To:
All New York State Office Counsel, Managers and Agents
RE:
2012 IT-2663 Nonresident Real Property Estimated Income Tax Payment Form

The New York State Department of Taxation and Finance has revised form IT-2663, Nonresident Real Property Estimated Income Tax Payment Form and the accompanying instructions and has directed Recording Officers not to accept any other form for transactions on or after January 1, 2012 but before January 1, 2013.  I attach the 2012 form and instructions.

As reported on the blog of the Real Property Law Section of the NYSBA, the Department’s e-mail advises:

"Due to recent law changes, the 2012 Form IT-2663, Nonresident Real Property Estimated Income Tax Payment Form, and the instructions for this form have been revised. After the form was posted on our web site for a short period of time, legislation was enacted changing the highest effective rate of income tax to 8.82%. The revised form reflects the correct applicable personal income tax rate at which taxpayers must calculate and pay their estimated tax liability on a sale or transfer of real property located in New York State occurring on or after January 1, 2012, but before January 1, 2013.

"Attached is a PDF version of the revised 2012 Form IT-2663 and Form IT-2663-I. A box has been added around the form number and a revision date of 12/11 was added under the form number to identify the revised forms. You should not accept a 2012 Form IT-2663 when recording a deed unless the form shows this revision box and date. For sales or transfers that occur on or after January 1, 2012, but before January 1, 2013, taxpayers must use the revised 2012 Form IT-2663 to calculate and pay their estimated personal income tax liability. Using the previous version of the form would incorrectly calculate the tax.”

The Department made corresponding changes in the 2012 IT-2664 also.

In the event you have any questions please contact Agency Legal Services at 212-922-0050.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
NY000230 Mortgage Tax Changes and IT 2663 Change
 
NY000240 New TP-584 (11/04) Form; 2005 Forms for IT-2663 and 2664; MT-15
 
NY000401 IT-2663, IT-2664
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None