- July 14, 1994
- New York State Counsel, Managers, Underwriter & Agents
- New York City Real Property Transfer Tax (NYC-RPT) New Schedule M - Mere Change of Form Transfers
Section 308 of the State Budget Bill (Chapter 170 of the Laws of 1994) provides for the addition of a new subdivision 8 to New York City Administrative Code §11-2106. This provision exempts, from the New York City Real Property Transfer Tax ("RPT"), transfers taking place on or after June 9, 1994, which effect a mere change of identity or form of ownership, to the extent that the beneficial interest remains the same. This provision does not apply to transfer of title from a sponsor to a cooperative corporation.
The department of finance has promulgated a new Schedule M to be appended to the RPT form, where the circumstances warrant.
Note: Other aspects of the budget bill, including the special transfer and gains taxation treatment of REITs and other matters involving transfer and gains taxes are reviewed in General Counsel Michael P. Miglino''s Legal Department Correspondence dated July 8, 1994.
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- Bulletins Replaced:
- Related Bulletins:
- Underwriting Manual:
- 4.36 Documentary Transfer Tax
- Exceptions Manual: