STATE OF NEW YORK
________________________________________________________________________
5497
2025-2026 Regular Sessions
IN ASSEMBLY
February 14, 2025
___________
Introduced by M. of A. BROOK-KRASNY, NOVAKHOV -- 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 § 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.
LBD09207-01-5
