- January 25, 2017
- All New York State Agents, Office Counsel, and Managers
- UPDATE: IDA No Longer Exempt From Additional ¼% Mortgage Tax
This bulletin serves as an update to Bulletin NY000594.
The state has not delayed implementation of the ¼% mortgage tax on the IDA pursuant to TSB-M-16(1).
The tax should be collected on all closings. At this time it is not known if a refund will be issued if the tax is paid and then rescinded by NYS.
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.