N.Y. Tax Law 960-A – Reciprocity
§ 960-a. Reciprocity. The tax imposed by this article in respect of personal property (except tangible personal property having an actual situs in this state) shall not be payable if the transferor is a resident of a state or territory of the United States the laws of which, at the time of the transfer, contained a reciprocal provision under which nonresidents were exempted from transfer taxes or death taxes of every character in respect of personal property (except tangible personal property having an actual situs therein) provided the state or territory of residence of such nonresident allowed a similar exemption to residents of the state or territory of residence of such transferor. For the purposes of this section, the District of Columbia and the Commonwealth of Puerto Rico shall be considered territories of the United States.
Terms Used In N.Y. Tax Law 960-A
- Personal property: All property that is not real property.
- tangible personal property: means corporeal personal property, including money held for numismatic purposes, and does not include deposits in banks, mortgages, debts, receivables, shares of stock, bonds, notes, credits, evidences of an interest in property, evidences of debt, or choses in action generally. See N.Y. Tax Law 951-A