Bulletin: NJ2020001

Date:
January 16, 2020
To:
All New Jersey Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - GIT/REP FORMS UPDATE

Dear Associates:

Changes have been made to the New Jersey GIT/REP-1, GIT/REP-2, GIT/REP-3, and GITREP-4 Forms. The new forms include the date “(8-19)”. Please take the opportunity to familiarize yourself with the new forms. Specifically, the following changes were made to the forms:

  • The GIT/REP-1 and GIT/REP-2 forms now state that the highest gross income tax rate is 10.75%.
  • The GIT/REP-3 form has two new categories of exemption:
    • #15. The seller is a retirement trust that received an acknowledgment letter from the Internal Revenue Service that the seller is a retirement trust and is therefore not required to make the estimated Gross Income Tax payment.
    • # 16. The seller (and/or spouse/civil union partner) originally purchased the property while a resident of New Jersey as a member of the U.S. Armed Forces and is now selling the property as a result of being deployed on active duty outside of New Jersey. (Only check this box if applicable and neither boxes 1 nor 2 apply.)
  • GIT/REP-4 added a new instruction line: “Do not use this form to claim a refund. See Form A-3128”.

Current versions of these forms, and all other New Jersey tax forms, can be found by clicking here.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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