2023 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