NY Tax L § 663 (2021)
2021 New York Laws TAX - Tax Article 22 - Personal Income Tax Part 4 - Returns and Payment of Tax 663 - Estimated Tax on Sale or Transfer of Real Property by Nonresident.

§  663.  Estimated  tax  on  sale  or  transfer  of  real  property by nonresident.  (a) Upon the sale of real property within the state  by  a nonresident taxpayer, the nonresident shall estimate the personal income tax  liability  on  the  gain,  if  any,  from such sale or transfer. In addition, upon the sale, conveyance or other disposition  of  shares  of stock  in  a  cooperative  housing  corporation  in  connection with the transfer of a proprietary leasehold by the owner thereof and subject  to the  provisions  of  article thirty-one of this chapter, the nonresident shall estimate the personal income tax liability on the  gain,  if  any, from such sale, conveyance or other disposition.  (b)  Such  estimation  shall  be  done  upon  a form prescribed by the commissioner, utilizing an estimated tax rate equal to the highest  rate of tax for the taxable year set forth in section six hundred one of this article.  (c) This section shall not apply where:  (1)  The  real  property  being  sold  or  transferred  is a principal residence of the seller or transferor within the meaning of section  121 of the Internal Revenue Code;  (2)  The  seller  or transferor is a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or  in  a  transfer  in  lieu  of foreclosure with no additional consideration; or  (3)  The  transferor  or  transferee  is an agency or authority of the United States of America, an agency or authority of  the  state  of  New York,  the  Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National  Mortgage  Association, or a private mortgage insurance company; or  (4) The proprietary leasehold being transferred in connection with the sale,  conveyance  or  other  disposition  of  the  shares of stock in a cooperative housing corporation is a principal residence of  the  seller or  transferor within the meaning of section 121 of the Internal Revenue Code;  (d) A recording officer shall not record or accept for  recording  any deed unless one of the following conditions is satisfied:  (1)  it  is  accompanied  by  a  receipt  issued  by  the commissioner indicating that the estimated tax required by this section has been paid to the commissioner either electronically or as otherwise prescribed  by him or her;  (2)  it  is  accompanied  by  a  form  prescribed  by the commissioner pursuant to subsection (b) of  this  section  and  the  payment  of  any estimated tax shown as payable on such form; or  (3)  such  receipt  or form includes a certification by the transferor that this section is inapplicable to the sale or transfer.  (e) Every recording officer shall act as an agent of the  commissioner for  purposes  of  collecting the estimated personal income tax, if any, shown to be payable upon the form prescribed pursuant to subsection  (b) of this section. The commissioner, by regulation, shall prescribe one or more  methods  for  the recording officer's collection of such estimated tax. Every recording officer shall remit to the commissioner  any  funds collected  and  any returns filed with such recording officer under this section on such  days  as  the  commissioner  shall  set  by  regulation consistent  with  the provisions of section fourteen hundred ten of this chapter for the remission of the tax imposed under article thirty-one of this chapter. Every recording officer also shall follow such  procedures and  keep  such records in respect to the implementation of this section as the commissioner may prescribe.  (f) A recording officer shall not be liable under this section for any inaccuracy  in  any  statement  on  the  form  prescribed  pursuant   to subsection  (b)  of  this section or in the amount of estimated personal  income tax he or she shall collect under this section so long as  he  or she  shall collect the estimated personal income tax shown as payable on such form.  (g) If a deed is recorded notwithstanding an omission or inaccuracy in the form prescribed pursuant to subsection (b) of this section or in any certification  by  the  transferor  on  such form or a deficiency in the payment of estimated personal income tax required by this  section,  the record of such deed shall not be invalidated by reason of such omission, inaccuracy,  erroneous  certification  or deficiency nor shall the title founded on such deed be impaired thereby.  (h)  The  commissioner  shall   promulgate   rules   and   regulations implementing this section.  (i)  The  estimated personal income tax liability on the gain, if any, from the sale, conveyance or other disposition of shares of stock  in  a cooperative  housing  corporation  shall  be paid to the commissioner no later than the fifteenth  day  after  the  delivery  of  the  instrument affecting  such  sale,  conveyance or other disposition. For purposes of this section, the date of the instrument affecting such sale, conveyance or other disposition shall be presumed to be the  date  of  delivery  of such instrument.