NY Tax L § 1449-L (2021)
2021 New York Laws TAX - Tax Article 31-C - Tax on Real Estate Transfers in the County of Broome 1449-L - Cooperative Housing Corporation Transfers.

§    1449-l.    Cooperative    housing   corporation   transfers.   1.   Notwithstanding the definition of "controlling  interest"  contained  in   subdivision two of section fourteen hundred forty-nine-f of this article   or  anything  to  the  contrary contained in subdivision five of section   fourteen hundred forty-nine-f 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 thirty-first   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.