NY Tax L § 1439-GG (2021)
2021 New York Laws TAX - Tax Article 31-A-3 - Tax on Real Estate Transfers in the Town of Northeast 1439-GG - Cooperative Housing Corporation Transfers.

* §   1439-gg.   Cooperative   housing   corporation   transfers.   1.   Notwithstanding the definition of "controlling  interest"  contained  in   subdivision  two  of  section  fourteen  hundred  thirty-nine-aa of this   article or anything to the contrary contained  in  subdivision  five  of   section fourteen hundred thirty-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, 2028