2023 New York Laws › TAX - Tax › Article 31-C - Tax on Real Estate Transfers in the County of Broome › 1449-L - Cooperative Housing Corporation Transfers.

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