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