2023 New York Laws › TAX - Tax › Article 31-H - Tax on Real Estate Transfers in the County of Madison › 1449-GGGGGG - Cooperative Housing Corporation Transfers.

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