S08446 Summary:

BILL NOS08446
 
SAME ASNo same as
 
SPONSORKRUGER
 
COSPNSR
 
MLTSPNSR
 
Amd S1405, Tax L
 
Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership.
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S08446 Actions:

BILL NOS08446
 
07/19/2010REFERRED TO RULES
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S08446 Floor Votes:

There are no votes for this bill in this legislative session.
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S08446 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8446
 
                    IN SENATE
 
                                      July 19, 2010
                                       ___________
 
        Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        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  added 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.
                                                                   LBD17912-01-0
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