2023 New York Laws › TAX - Tax › Article 33-B - Tax on Real Estate Tranfers in Towns › 1566 - Cooperative Housing Corporation Transfers.

§  1566. Cooperative housing corporation transfers. 1. Notwithstanding
  the definition of "controlling interest" contained in subdivision two of
  section fifteen hundred  sixty  of  this  article  or  anything  to  the
  contrary  contained in subdivision five of section fifteen hundred sixty
  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 seller and  the
  buyer, the number of shares conveyed, the date of the conveyance and the
  consideration paid for such conveyance.