New York § 1565 - 1565Credit
Full text of New York New York Consolidated Laws § 1565 — 1565Credit, with citation guidance and answers to common questions.
§ 1565. 1565Credit
§ 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.
Frequently Asked Questions About New York § 1565
What does New York Consolidated Laws § 1565 cover?
Section 1565 ("1565Credit") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 1565?
A common citation format is "New York Consolidated Laws § 1565" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 1565 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.