NY A01582

Exempts referees and sheriffs from liability for interest and penalties related to transfer taxes when property is transferred as a result of a court-ordered foreclosure sale.

Adds multiple new sections to the tax law (sections 1422, 1437, 1438-p, 1439-p, 1439-pp, 1447-a, 1448-v, 1449-u, 1449-pp, 1449-ppp, 1449-pppp, and 1449-ppppp) that prohibit imposing civil or criminal penalties and interest on referees and sheriffs effectuating foreclosure-related property transfers.

Amends section 1240 of the tax law to clarify that the authorization to impose transfer taxes on real property shall not include authority to impose penalties, interest, or other liability on the referee or sheriff conducting the foreclosure sale.

Adds section 11-2119 to the New York City administrative code extending the same liability exemption for referees and sheriffs in foreclosure proceedings under local transfer tax provisions.

Effective immediately upon enactment.