THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: NJ000096
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Bulletin: NJ000096
V
1
Date: January 20, 2005
To:
All Issuing Offices in New Jersey
RE:
Revisions to Non-Resident Estimated Income Tax Payments on Sales of New Jersey Real Property
Dear Associates:
On January 19, 2005, Governor Cody signed Assembly Bill A3510, which amended N.J.S.A. 54A:8-9. The new statute mandates that the amount of income tax paid at the closing of title on New Jersey property by a non-resident individual, trust or estate as seller must be at least two percent (2%) of the consideration for the sale or transfer stated in the deed affecting the conveyance. The measure becomes effective immediately and is retroactive to August 1, 2004.
Please call the state office if you have any questions.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None