STATE OF NEW YORK
________________________________________________________________________
2566
2011-2012 Regular Sessions
IN SENATE
January 25, 2011
___________
Introduced by Sen. KRUGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
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 § 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.
LBD06397-01-1
