N.Y. Tax Law § 1565: Credit

§ 1565. Credit. A buyer shall be allowed a credit against the tax due

on a conveyance of real property to the extent tax was paid by such

buyer on a prior creation of a leasehold of all or a portion of the same

real property or on the granting of an option or contract to purchase

all or a portion of the same real property by such buyer. Such credit

shall be computed by multiplying the tax paid on the creation of the

leasehold or on the granting of the option or contract by a fraction,

the numerator of which is the value of the consideration used to compute

such tax paid which is not yet due to such seller on the date of the

subsequent conveyance (and which such seller will not be entitled to

receive after such date), and the denominator of which is the total

value of the consideration used to compute such tax paid.