The recently passed New York State Budget increases the percentage of withholding tax from 8.82 percent to 10.90 percent in transactions requiring IT2663 and IT2664 forms. With little notice or guidance given as to when the increase will take effect, and to avoid closing and recording delays, we are advising clients to use the newer 4/21 revision of the form, providing for the higher withholding tax rate. The new forms are available on our website and via the link below. If you have any questions, please do not hesitate to contact our office.
Thank you.