2023 New York Laws › TAX - Tax › Article 31-E - Tax on Real Estate Transfers in the County of Nassau › 1449-GGG - Cooperative Housing Corporation Transfers.

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