§ 1428-a. Credit. 1. A grantor shall be allowed a credit against the
tax due on a conveyance of real property to the extent tax was paid by
such grantor 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 grantor.
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 grantor on
the date of the subsequent conveyance (and which such grantor 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.

2. A grantor shall be allowed a credit against the tax due on a
conveyance of real property under the following circumstances: (a) the
grantor purchased the property without its being improved by residential
premises, (b) the grantor improved it by the construction of residential
premises thereon, and (c) the grantor subsequently sold such improved
property. At the time of the first sale of the property after the making
of the improvement, the grantor shall be allowed a credit equal to the
amount of the tax actually paid on the conveyance immediately prior to
the making of the improvement.