Section 1449-FFFF. Credit

A grantee shall be allowed a credit against the
  tax  due  on a conveyance of real property to the extent tax was paid by
  such grantee 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  grantee.
  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.
    * NB Repealed December 31, 2025