NY Tax L § 1449-GG (2021)
2021 New York Laws TAX - Tax Article 31-D - Tax on Real Estate Transfers in Towns in the Peconic Bay Region 1449-GG - Cooperative Housing Corporation Transfers.

* §   1449-gg.   Cooperative   housing   corporation   transfers.   1.   Notwithstanding the definition of "controlling  interest"  contained  in   subdivision  two  of  section  fourteen  hundred  forty-nine-aa  of this   article or anything to the contrary contained  in  subdivision  five  of   section  fourteen hundred forty-nine-aa of this article, the tax imposed   pursuant to this article shall apply to (a) the original  conveyance  of   shares  of stock in a cooperative housing corporation in connection with   the grant or transfer of a  proprietary  leasehold  by  the  cooperative   corporation   or  cooperative  plan  sponsor,  and  (b)  the  subsequent   conveyance of  such  stock  in  a  cooperative  housing  corporation  in   connection  with the grant or transfer of a proprietary leasehold by the   owner thereof. With respect to any such subsequent conveyance where  the   property  is  an  individual residential unit, the consideration for the   interest conveyed shall exclude the value of any liens  on  certificates   of  stock  or  other  evidences  of  an  ownership  interest  in  and  a   proprietary lease from a  corporation  or  partnership  formed  for  the   purpose  of cooperative ownership of residential interest in real estate   remaining thereon at the time of conveyance. In determining the tax on a   conveyance described in paragraph (a)  of  this  subdivision,  a  credit   shall  be allowed for a proportionate part of the amount of any tax paid   upon the conveyance to the cooperative housing corporation of  the  real   property  comprising the cooperative dwelling or dwellings to the extent   that such conveyance effectuated a mere change of identity  or  form  of   ownership  of such property and not a change in the beneficial ownership   of such property. The amount  of  the  credit  shall  be  determined  by   multiplying   the  amount  of  tax  paid  upon  the  conveyance  to  the   cooperative housing corporation by a percentage representing the  extent   to  which  such conveyance effectuated a mere change of identity or form   of ownership and not a  change  in  the  beneficial  ownership  of  such   property,  and then multiplying the resulting product by a fraction, the   numerator of which shall be the number of shares of stock conveyed in  a   transaction  described  in  paragraph  (a)  of this subdivision, and the   denominator of which shall be the total number of shares of stock of the   cooperative  housing  corporation  (including  any  stock  held  by  the   corporation). In no event, however, shall such credit reduce the tax, on   a conveyance described in paragraph (a) of this subdivision, below zero,   nor  shall  any  such  credit  be  allowed  for  a  tax  paid  more than   twenty-four months prior to the date on which  occurs  the  first  in  a   series  of  conveyances of shares of stock in an offering of cooperative   housing  corporation  shares  described  in  paragraph   (a)   of   this   subdivision.2.  Every cooperative housing corporation shall be required to file an   information return with the treasurer by July  fifteenth  of  each  year   covering  the  preceding  period of January first through June thirtieth   and by January fifteenth of each year covering the preceding  period  of   July  first through December thirty-first. The return shall contain such   information  regarding  the  conveyance  of  shares  of  stock  in   the   cooperative  housing  corporation  as  the treasurer may deem necessary,   including, but  not  limited  to,  the  names,  addresses  and  employee   identification numbers or social security numbers of the grantor and the   grantee,  the  number of shares conveyed, the date of the conveyance and   the consideration paid for such conveyance.* NB Repealed December 31, 2050