Jessica,
I will send you a copy in a m, I believe the biggest problem here is trying to figure out who is supposed to collect and when. What happens if the deal does not close? Is the product considered as being used? What happens if an agency reissue off a prior company's policy, charge for sales tax again? What if the abstract is done in suffolk, but closing takes place in the city, what sales tax rate does one charge? How does it apply to when in house staff does it, no sales tax?
From what I have been hearing the underwriters/agencies and abstractors can not get answers from the state taxation department. This is probabaly due to their not understanding what takes place . Again if the state feels that the need the money, than lets make the same policy throughout the state; so all are on the same level playing field. Not answering questions and just telling everyone apply by the first of September is absurd. I , along with others are currently working on setting up a meeting with my local state assemblyman to educate him. I would recommend all do the same. The taxation department is understaffed and can not take the time to learn about our industry. We all need to remember that department is now overseeing ORPS (Office of Real Property Services), another responsibility that they have no idea of really what it does and how it runs.... Call your assemblyman
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