NY Tax L § 1446 (2021)
2021 New York Laws TAX - Tax Article 31-B - Tax on Real Estate Transfers in the Town of Brookhaven 1446 - Cooperative Housing Corporation Transfers.

* §    1446.    Cooperative    housing   corporation   transfers.   1.   Notwithstanding the definition of "controlling  interest"  contained  in   subdivision  two  of  section  fourteen hundred forty of this article or   anything to the  contrary  contained  in  subdivision  five  of  section   fourteen hundred forty 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, 2025