Bill Text: NY A04111 | 2015-2016 | General Assembly | Introduced

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Bill Title: Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2015-07-08 - enacting clause stricken [A04111 Detail]

Download: New_York-2015-A04111-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4111
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2015
                                      ___________
       Introduced by M. of A. BROOK-KRASNY, WEPRIN -- read once and referred to
         the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to clarifying the exemption for
         cooperative  housing  corporations where there is no change in benefi-
         cial ownership
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph 6 of subdivision (b) of section 1405 of the tax
    2  law, as amended by chapter 61 of the laws of 1989, is amended to read as
    3  follows:
    4    6. Conveyances to effectuate a mere change  of  identity  or  form  of
    5  ownership  or organization where there is no change in beneficial owner-
    6  ship, other than conveyances to a cooperative housing corporation of the
    7  real  property  comprising  the  cooperative  dwelling   or   dwellings,
    8  PROVIDED,  HOWEVER,  THE  CONVEYANCE  OF SHARES OF A COOPERATIVE HOUSING
    9  CORPORATION TO PARTICIPATING SHAREHOLDERS AS PART OF A VOLUNTARY DISSOL-
   10  UTION UNDER THE PRIVATE HOUSING FINANCE LAW IN  WHICH  SUCH  DISSOLUTION
   11  EFFECTS  ONLY A MERE CHANGE IN THE IDENTITY OR FORM OF OWNERSHIP OF SUCH
   12  CORPORATION SHALL BE INCLUDED IN THIS EXEMPTION;
   13    S 2. This act shall take effect immediately, and shall be deemed to be
   14  in effect for applicable conveyances occurring on or before such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08243-01-5