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This entry was published on 2014-09-22
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SECTION 1449-J
Exemptions
Tax (TAX) CHAPTER 60, ARTICLE 31-C
§ 1449-j. Exemptions. 1. The following shall be exempt from payment of
the real estate transfer tax:

(a) The state of New York, or any of its agencies, instrumentalities,
political subdivisions, or public corporations (including a public
corporation created pursuant to agreement or compact with another state
or the Dominion of Canada).

(b) The United Nations, the United States of America and any of its
agencies and instrumentalities.

The exemption of such governmental bodies or persons shall not,
however, relieve a grantee from them of liability for the tax.

2. The tax shall not apply to any of the following conveyances:

(a) Conveyances to the United Nations, the United States of America,
the state of New York, or any of their instrumentalities, agencies or
political subdivisions (or any public corporation, including a public
corporation created pursuant to agreement or compact with another state
or the Dominion of Canada);

(b) Conveyances which are or were used to secure a debt or other
obligation;

(c) Conveyances which, without additional consideration, confirm,
correct, modify or supplement a prior conveyance;

(d) Conveyances of real property without consideration and otherwise
than in connection with a sale, including conveyances conveying realty
as bona fide gifts;

(e) Conveyances given in connection with a tax sale;

(f) Conveyances to effectuate a mere change of identity or form of
ownership or organization where there is no change in beneficial
ownership, other than conveyances to a cooperative housing corporation
of the real property comprising the cooperative dwelling or dwellings;

(g) Conveyances which consist of a deed of partition;

(h) Conveyances given pursuant to the federal bankruptcy act;

(i) Conveyances of real property which consist of the execution of a
contract to sell real property without the use or occupancy of such
property or the granting of an option to purchase real property without
the use or occupancy of such property; and

(j) Conveyances of an option or contract to purchase real property
with the use or occupancy of such property where the consideration is
less than two hundred thousand dollars and such property was used solely
by the grantor as his personal residence and consists of a one, two or
three-family house, an individual residential condominium unit or the
sale of stock in a cooperative housing corporation in connection with
the grant or transfer of a proprietary leasehold covering an individual
residential cooperative unit.