N.Y. Tax Law § 1439-e: Exemptions

* § 1439-e. 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.

* NB Repealed December 31, 2027

* NB There are 3 § 1439-e's