Bulletin: NY000600

Date:
February 09, 2017
To:
All New York State Agents, Office Counsel, and Managers
RE:
UPDATE: IDA No Longer Exempt From Additional ¼% Mortgage Tax

This bulletin serves as an update to Bulletin NY000594 and NY000599.

The state has now delayed implementation of the ¼% mortgage tax on the IDA pursuant to TSB-M-16(1).

A bill was signed by the governor delaying implementation until June 30, 2017

If the additional mortgage recording tax was paid on an IDA mortgage recorded on or after September 30, 2016, but prior to July 1, 2017, a taxpayer may claim a refund by filing Form MT-15.1, Mortgage Recording Tax Claim for Refund which is available online by Clicking Here. Form MT-15.1 must be filed with the Tax Department within two years of the date the payment of taxes was received by the recording officer.

If you have any questions regarding this bulletin please contact Stewart Title Insurance Company Legal Services at 212-922-0050.

Attachments: Link to NYS Dpt of Taxation Memo

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None