- November 07, 2003
- All New York State Office Counsel, Managers and Agents
- New Procedure for Compliance with NYS Tax Law Sec. 663
Effective immediately, the New York State Department of Taxation and Finance has modified the procedure for compliance with Section 663 of the Tax Law.
Pursuant to a Memorandum of the Department dated November 4, 2003 (a copy of which is attached for your reference) non resident sellers who are required to file and/or pay estimated personal income tax upon the sale of real property located in New York State are now required to file Form IT-2663 with the recording officer when the deed is presented for recording. The form must be accompanied by a check payable to "NYS Income Tax" for the full amount of the tax due, if any.
Form IT-2663 has been revised and renamed in accordance with the new procedure and is available at the Department website at http://www.tax.state.ny.us/pdf/2003/fillin/inc/it2663_2003_fill_in.pdf or by telephone at 1.800.462.8100.
Stamped certifications that have already been obtained will continue to be accepted by the recording officer for those transactions with a date of conveyance prior to December 31, 2003.
As stated in the Department memorandum, the change is procedural only and applies to only in those cases where the filing of Form IT-2663 is necessary. All other aspects of compliance with Tax Law Section 663 remain unchanged.
If you have any questions regarding the implementation of the new procedure, use of the new form or any other aspect of Tax Law 663, please call company counsel.
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.