NY Tax L § 1428 (2021)
2021 New York Laws TAX - Tax Article 31-A - Tax on Real Property Transfers for Transportation Assistance 1428 - Exemptions.

§  1428.  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 owned and  occupied  as  a  principal residence  by  one  or  more  persons, at least one of whom is sixty-two years of age or over, provided that such property  was  both  owned  and occupied  by  at  least one of such persons for a period of at least one year prior to the date of  transfer,  and  further  provided  that  such exemption  shall  be  limited  to  transfers  of  residential properties consisting of one or two dwelling units;  (j) 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  (k)  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.