Bulletin: NY000488

The New York State Department of Taxation and Finance has revised form IT-2663, Nonresident Real Property Estimated Income Tax Payment Form and the accompanying instructions and has directed Recording Officers not to accept any other form for transactions on or after January 1, 2012 but before January 1, 2013.  I attach the 2012 form and instructions.

As reported on the blog of the Real Property Law Section of the NYSBA, the Department’s e-mail advises:

"Due to recent law changes, the 2012 Form IT-2663, Nonresident Real Property Estimated Income Tax Payment Form, and the instructions for this form have been revised. After the form was posted on our web site for a short period of time, legislation was enacted changing the highest effective rate of income tax to 8.82%. The revised form reflects the correct applicable personal income tax rate at which taxpayers must calculate and pay their estimated tax liability on a sale or transfer of real property located in New York State occurring on or after January 1, 2012, but before January 1, 2013.

"Attached is a PDF version of the revised 2012 Form IT-2663 and Form IT-2663-I. A box has been added around the form number and a revision date of 12/11 was added under the form number to identify the revised forms. You should not accept a 2012 Form IT-2663 when recording a deed unless the form shows this revision box and date. For sales or transfers that occur on or after January 1, 2012, but before January 1, 2013, taxpayers must use the revised 2012 Form IT-2663 to calculate and pay their estimated personal income tax liability. Using the previous version of the form would incorrectly calculate the tax.”

The Department made corresponding changes in the 2012 IT-2664 also.

In the event you have any questions please contact Agency Legal Services at 212-922-0050.

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