S T A T E O F N E W Y O R K
________________________________________________________________________
5410
2011-2012 Regular Sessions
I N S E N A T E
May 18, 2011
___________
Introduced by Sens. GALLIVAN, YOUNG -- read twice and ordered printed,
and when printed to be committed to the Committee on Investigations
and Government Operations
AN ACT to amend the tax law, in relation to authorizing an additional
real estate transfer tax within the county of Livingston and authoriz-
ing such county to expend such real estate transfer tax on necessary
county services; and providing for the repeal of such provisions upon
expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The tax law is amended by adding a new article 35 to read
2 as follows:
3 ARTICLE 35
4 TAX ON REAL ESTATE TRANSFERS
5 IN THE COUNTY OF LIVINGSTON
6 SECTION 1630-A. DEFINITIONS.
7 1630-B. IMPOSITION OF TAX.
8 1630-C. PAYMENT OF TAX.
9 1630-D. LIABILITY FOR TAX.
10 1630-E. EXEMPTIONS.
11 1630-F. CREDIT.
12 1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS.
13 1630-H. DESIGNATION OF AGENTS.
14 1630-I. LIABILITY OF RECORDING OFFICER.
15 1630-J. REFUNDS.
16 1630-K. DEPOSIT AND DISPOSITION OF REVENUE.
17 1630-L. JUDICIAL REVIEW.
18 1630-M. APPORTIONMENT.
19 1630-N. MISCELLANEOUS.
20 1630-O. RETURNS TO BE SECRET.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11478-02-1
S. 5410 2
1 S 1630-A. DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHERWISE
2 EXPRESSLY STATED:
3 1. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, SOCIETY, ASSOCIATION,
4 JOINT STOCK COMPANY, CORPORATION, ESTATE, RECEIVER, TRUSTEE, ASSIGNEE,
5 REFEREE OR ANY OTHER PERSON ACTING IN A FIDUCIARY OR REPRESENTATIVE
6 CAPACITY, WHETHER APPOINTED BY A COURT OR OTHERWISE, ANY COMBINATION OF
7 INDIVIDUALS, AND ANY OTHER FORM OF UNINCORPORATED ENTERPRISE OWNED OR
8 CONDUCTED BY TWO OR MORE PERSONS.
9 2. "CONTROLLING INTEREST" MEANS (A) IN THE CASE OF A CORPORATION,
10 EITHER FIFTY PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
11 CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR MORE OF THE
12 CAPITAL, PROFITS OR BENEFICIAL INTEREST IN SUCH VOTING STOCK OF SUCH
13 CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
14 OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS OR BENEFI-
15 CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
16 3. "REAL PROPERTY" MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
17 PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR HEREDI-
18 TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
19 WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE COUNTY OF LIVINGSTON.
20 IT SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
21 4. "CONSIDERATION" MEANS THE PRICE ACTUALLY PAID OR REQUIRED TO BE
22 PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
23 OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
24 IN THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
25 OR ANY OTHER THING OF VALUE. IT SHALL INCLUDE THE CANCELLATION OR
26 DISCHARGE OF AN INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
27 AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN OR OTHER ENCUM-
28 BRANCE, WHETHER OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
29 SUBJECT TO.
30 (A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE GRANTING
31 OF AN OPTION WITH USE AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
32 SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND OTHER
33 PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
34 INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
35 OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE
36 EXERCISE OF ANY OPTION TO RENEW.
37 (B) IN THE CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
38 ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE SUBLEASE
39 RENTAL PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
40 ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE VALUE
41 OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
42 TO RENEW LESS THE VALUE OF THE REMAINING PRIME LEASE RENTAL PAYMENTS
43 REQUIRED TO BE MADE.
44 (C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
45 PROPERTY, CONSIDERATION SHALL MEAN THE FAIR MARKET VALUE OF THE REAL
46 PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
47 OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
48 (D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD INTEREST
49 OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
50 PROPERTY, CONSIDERATION SHALL NOT INCLUDE THE VALUE OF THE REMAINING
51 RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH LEASE
52 OR THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
53 THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
54 (E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
55 COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
56 OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
S. 5410 3
1 PLAN SPONSOR AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF OF
2 SUCH STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
3 GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD FOR A COOPERATIVE UNIT
4 OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
5 PROPORTIONATE SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
6 PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING THE COOPER-
7 ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
8 ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
9 ATOR OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
10 THE COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR
11 TRANSFER OF A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
12 BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
13 RATION.
14 5. "CONVEYANCE" MEANS THE TRANSFER OR TRANSFERS OF ANY INTEREST IN
15 REAL PROPERTY BY ANY METHOD, INCLUDING BUT NOT LIMITED TO, SALE,
16 EXCHANGE, ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN LIEU
17 OF FORECLOSURE, OPTION, TRUST INDENTURE, TAKING BY EMINENT DOMAIN,
18 CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
19 OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
20 TY. TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE CREATION
21 OF A LEASEHOLD OR SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE
22 LEASE OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE YEARS,
23 (B) SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE
24 BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
25 SUBSTANTIALLY ALL OF THE PREMISES CONSTITUTING THE REAL PROPERTY.
26 NOTWITHSTANDING THE FOREGOING, CONVEYANCE OF REAL PROPERTY SHALL NOT
27 INCLUDE THE CREATION, MODIFICATION, EXTENSION, SPREADING, SEVERANCE,
28 CONSOLIDATION, ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORT-
29 GAGE; A MORTGAGE SUBORDINATION AGREEMENT, A MORTGAGE SEVERANCE AGREE-
30 MENT, AN INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR
31 A RELEASE OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVEN-
32 UE CODE.
33 6. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A LEASEHOLD
34 INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
35 SPACE AND AIR RIGHTS, OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
36 OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO RECEIVE RENTS, PROFITS OR
37 OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
38 OR CONTRACT TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
39 FIRST REFUSAL TO PURCHASE REAL PROPERTY.
40 7. "GRANTOR" MEANS THE PERSON MAKING THE CONVEYANCE OF REAL PROPERTY
41 OR INTEREST THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
42 ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN INTEREST IN
43 REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
44 ERTY OR A SHAREHOLDER OR PARTNER TRANSFERRING STOCK OR PARTNERSHIP
45 INTEREST.
46 8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL PROPERTY OR INTEREST
47 THEREIN AS A RESULT OF A CONVEYANCE.
48 9. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF LIVING-
49 STON.
50 10. "TREASURER" MEANS THE COMMISSIONER OF FINANCE OF THE COUNTY OF
51 LIVINGSTON.
52 S 1630-B. IMPOSITION OF TAX. NOTWITHSTANDING ANY OTHER PROVISIONS OF
53 LAW TO THE CONTRARY, THE COUNTY OF LIVINGSTON, ACTING THROUGH ITS LOCAL
54 LEGISLATIVE BODY, IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND
55 LOCAL LAWS IMPOSING IN SUCH COUNTY A TAX ON EACH CONVEYANCE OF REAL
56 PROPERTY OR INTEREST THEREIN WHEN THE CONSIDERATION EXCEEDS FIVE HUNDRED
S. 5410 4
1 DOLLARS, AT THE RATE OF ONE DOLLAR FOR EACH FIVE HUNDRED DOLLARS OR
2 FRACTIONAL PART THEREOF, PROVIDED, HOWEVER, THAT THE FIRST ONE HUNDRED
3 FIFTY THOUSAND DOLLARS OF ANY SINGLE FAMILY RESIDENCE SHALL BE EXEMPT
4 FROM SUCH TAX. SUCH LOCAL LAW SHALL APPLY TO ANY CONVEYANCE OCCURRING ON
5 OR AFTER THE FIRST DAY OF A MONTH TO BE DESIGNATED BY SUCH LEGISLATIVE
6 BODY, WHICH IS NOT LESS THAN SIXTY DAYS AFTER THE ENACTMENT OF SUCH
7 LOCAL LAWS, BUT SHALL NOT APPLY TO CONVEYANCES MADE ON OR AFTER SUCH
8 DATE PURSUANT TO BINDING WRITTEN CONTRACTS ENTERED INTO PRIOR TO SUCH
9 DATE, PROVIDED THAT THE DATE OF EXECUTION OF SUCH CONTRACT IS CONFIRMED
10 BY INDEPENDENT EVIDENCE SUCH AS THE RECORDING OF THE CONTRACT, PAYMENT
11 OF A DEPOSIT OR OTHER FACTS AND CIRCUMSTANCES AS DETERMINED BY THE TREA-
12 SURER.
13 S 1630-C. PAYMENT OF TAX. 1. THE REAL ESTATE TRANSFER TAX IMPOSED
14 PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
15 OFFICER ACTING AS THE AGENT OF THE TREASURER UPON DESIGNATION AS SUCH
16 AGENT BY THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE
17 REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER
18 IS REQUIRED TO BE PAID. SUCH TREASURER OR RECORDING OFFICER SHALL
19 ENDORSE UPON EACH DEED OR INSTRUMENT EFFECTING A CONVEYANCE A RECEIPT
20 FOR THE AMOUNT OF THE TAX SO PAID.
21 2. A RETURN SHALL BE REQUIRED TO BE FILED WITH SUCH TREASURER OR
22 RECORDING OFFICER FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED
23 PURSUANT TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO BE
24 FILED FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE
25 THIRTY-ONE OF THIS CHAPTER. THE RETURN, FOR PURPOSES OF THE REAL ESTATE
26 TRANSFER TAX IMPOSED PURSUANT TO THIS ARTICLE, SHALL BE A PHOTOCOPY OR
27 CARBON COPY OF THE REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED
28 PURSUANT TO SECTION FOURTEEN HUNDRED NINE OF THIS CHAPTER. HOWEVER,
29 WHEN AN APPORTIONMENT IS REQUIRED TO BE MADE PURSUANT TO SECTION SIXTEEN
30 HUNDRED THIRTY-M OF THIS ARTICLE, A SUPPLEMENTAL FORM SHALL ALSO BE
31 REQUIRED TO BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS AND SUPPLE-
32 MENTAL FORMS REQUIRED TO BE FILED PURSUANT TO THIS SECTION SHALL BE
33 PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL SUCH TREASURER OR RECORD-
34 ING OFFICER ORDERS THEM TO BE DESTROYED.
35 3. THE RECORDING OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
36 CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
37 THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL HAVE BEEN PAID AS
38 PROVIDED IN THIS SECTION.
39 S 1630-D. LIABILITY FOR TAX. 1. THE REAL ESTATE TRANSFER TAX SHALL BE
40 PAID BY THE GRANTOR. IF THE GRANTOR HAS FAILED TO PAY THE TAX IMPOSED
41 PURSUANT TO THIS ARTICLE OR IF THE GRANTOR IS EXEMPT FROM SUCH TAX, THE
42 GRANTEE SHALL HAVE THE DUTY TO PAY THE TAX. WHERE THE GRANTEE HAS THE
43 DUTY TO PAY THE TAX BECAUSE THE GRANTOR HAS FAILED TO PAY, SUCH TAX
44 SHALL BE THE JOINT AND SEVERAL LIABILITY OF THE GRANTOR AND THE GRANTEE.
45 2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
46 PREVENT EVASION OF THE TAX HEREBY AUTHORIZED, IT SHALL BE PRESUMED THAT
47 ALL CONVEYANCES ARE TAXABLE. WHERE THE CONSIDERATION INCLUDES PROPERTY
48 OTHER THAN MONEY, IT SHALL BE PRESUMED THAT THE CONSIDERATION IS THE
49 FAIR MARKET VALUE OF THE REAL PROPERTY OR INTEREST THEREIN. THESE
50 PRESUMPTIONS SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
51 OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
52 TAX.
53 S 1630-E. EXEMPTIONS. 1. THE FOLLOWING SHALL BE EXEMPT FROM PAYMENT OF
54 THE REAL ESTATE TRANSFER TAX:
55 (A) THE STATE OF NEW YORK, OR ANY OF ITS AGENCIES, INSTRUMENTALITIES,
56 POLITICAL SUBDIVISIONS, OR PUBLIC CORPORATIONS (INCLUDING A PUBLIC
S. 5410 5
1 CORPORATION CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
2 OR THE DOMINION OF CANADA).
3 (B) THE UNITED NATIONS, THE UNITED STATES OF AMERICA AND ANY OF ITS
4 AGENCIES AND INSTRUMENTALITIES.
5 THE EXEMPTION OF SUCH GOVERNMENTAL BODIES OR PERSONS SHALL NOT, HOWEV-
6 ER, RELIEVE A GRANTEE FROM THEM OF LIABILITY FOR THE TAX.
7 2. THE TAX SHALL NOT APPLY TO ANY OF THE FOLLOWING CONVEYANCES:
8 (A) CONVEYANCES TO THE UNITED NATIONS, THE UNITED STATES OF AMERICA,
9 THE STATE OF NEW YORK, OR ANY OF THEIR INSTRUMENTALITIES, AGENCIES OR
10 POLITICAL SUBDIVISIONS (OR ANY PUBLIC CORPORATION, INCLUDING A PUBLIC
11 CORPORATION CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
12 OR THE DOMINION OF CANADA);
13 (B) CONVEYANCES WHICH ARE OR WERE USED TO SECURE A DEBT OR OTHER OBLI-
14 GATION;
15 (C) CONVEYANCES WHICH, WITHOUT ADDITIONAL CONSIDERATION, CONFIRM,
16 CORRECT, MODIFY OR SUPPLEMENT A PRIOR CONVEYANCE;
17 (D) CONVEYANCES OF REAL PROPERTY WITHOUT CONSIDERATION AND OTHERWISE
18 THAN IN CONNECTION WITH A SALE, INCLUDING CONVEYANCES CONVEYING REALTY
19 AS BONA FIDE GIFTS;
20 (E) CONVEYANCES GIVEN IN CONNECTION WITH A TAX SALE;
21 (F) CONVEYANCES TO EFFECTUATE A MERE CHANGE OF IDENTITY OR FORM OF
22 OWNERSHIP OR ORGANIZATION WHERE THERE IS NO CHANGE IN BENEFICIAL OWNER-
23 SHIP, OTHER THAN CONVEYANCES TO A COOPERATIVE HOUSING CORPORATION OF THE
24 REAL PROPERTY COMPRISING THE COOPERATIVE DWELLING OR DWELLINGS;
25 (G) CONVEYANCES WHICH CONSIST OF A DEED OF PARTITION;
26 (H) CONVEYANCES GIVEN PURSUANT TO THE FEDERAL BANKRUPTCY ACT;
27 (I) CONVEYANCES OF REAL PROPERTY WHICH CONSIST OF THE EXECUTION OF A
28 CONTRACT TO SELL REAL PROPERTY WITHOUT THE USE OR OCCUPANCY OF SUCH
29 PROPERTY OR THE GRANTING OF AN OPTION TO PURCHASE REAL PROPERTY WITHOUT
30 THE USE OR OCCUPANCY OF SUCH PROPERTY; AND
31 (J) CONVEYANCES OF AN OPTION OR CONTRACT TO PURCHASE REAL PROPERTY
32 WITH THE USE OR OCCUPANCY OF SUCH PROPERTY WHERE THE CONSIDERATION IS
33 LESS THAN TWO HUNDRED THOUSAND DOLLARS AND SUCH PROPERTY WAS USED SOLELY
34 BY THE GRANTOR AS HIS PERSONAL RESIDENCE AND CONSISTS OF A ONE, TWO OR
35 THREE-FAMILY HOUSE, AN INDIVIDUAL RESIDENTIAL CONDOMINIUM UNIT OR THE
36 SALE OF STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH
37 THE GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD COVERING AN INDIVIDUAL
38 RESIDENTIAL COOPERATIVE UNIT.
39 S 1630-F. CREDIT. A GRANTOR SHALL BE ALLOWED A CREDIT AGAINST THE TAX
40 DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS PAID BY SUCH
41 GRANTOR ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A PORTION OF THE
42 SAME REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
43 PURCHASE ALL OR A PORTION OF THE SAME REAL PROPERTY, BY SUCH GRANTOR.
44 SUCH CREDIT SHALL BE COMPUTED BY MULTIPLYING THE TAX PAID ON THE
45 CREATION OF THE LEASEHOLD OR ON THE GRANTING OF THE OPTION OR CONTRACT
46 BY A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION
47 USED TO COMPUTE SUCH TAX PAID WHICH IS NOT YET DUE TO SUCH GRANTOR ON
48 THE DATE OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR WILL NOT
49 BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
50 THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
51 S 1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1. NOTWITHSTAND-
52 ING THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVISION
53 TWO OF SECTION SIXTEEN HUNDRED THIRTY-A OF THIS ARTICLE OR ANYTHING TO
54 THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION SIXTEEN HUNDRED
55 THIRTY-A OF THIS ARTICLE, THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL
56 APPLY TO (A) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A COOPERATIVE
S. 5410 6
1 HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER OF A
2 PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE PLAN
3 SPONSOR, AND (B) THE SUBSEQUENT CONVEYANCE OF SUCH STOCK IN A COOPER-
4 ATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER OF A
5 PROPRIETARY LEASEHOLD BY THE OWNER THEREOF. WITH RESPECT TO ANY SUCH
6 SUBSEQUENT CONVEYANCE WHERE THE PROPERTY IS AN INDIVIDUAL RESIDENTIAL
7 UNIT, THE CONSIDERATION FOR THE INTEREST CONVEYED SHALL EXCLUDE THE
8 VALUE OF ANY LIENS ON CERTIFICATES OF STOCK OR OTHER EVIDENCES OF AN
9 OWNERSHIP INTEREST IN AND A PROPRIETARY LEASE FROM A CORPORATION OR
10 PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE OWNERSHIP OF RESIDEN-
11 TIAL INTEREST IN REAL ESTATE REMAINING THEREON AT THE TIME OF CONVEY-
12 ANCE. IN DETERMINING THE TAX ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A)
13 OF THIS SUBDIVISION, A CREDIT SHALL BE ALLOWED FOR A PROPORTIONATE PART
14 OF THE AMOUNT OF ANY TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE
15 HOUSING CORPORATION OF THE REAL PROPERTY COMPRISING THE COOPERATIVE
16 DWELLING OR DWELLINGS TO THE EXTENT THAT SUCH CONVEYANCE EFFECTUATED A
17 MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP OF SUCH PROPERTY AND NOT A
18 CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY. THE AMOUNT OF THE
19 CREDIT SHALL BE DETERMINED BY MULTIPLYING THE AMOUNT OF TAX PAID UPON
20 THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION BY A PERCENTAGE
21 REPRESENTING THE EXTENT TO WHICH SUCH CONVEYANCE EFFECTUATED A MERE
22 CHANGE OF IDENTITY OR FORM OF OWNERSHIP AND NOT A CHANGE IN THE BENEFI-
23 CIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLYING THE RESULTING
24 PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE THE NUMBER OF
25 SHARES OF STOCK CONVEYED IN A TRANSACTION DESCRIBED IN PARAGRAPH (A) OF
26 THIS SUBDIVISION AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL NUMBER
27 OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPORATION (INCLUDING ANY
28 STOCK HELD BY THE CORPORATION). IN NO EVENT, HOWEVER, SHALL SUCH CREDIT
29 REDUCE THE TAX, ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A) OF THIS
30 SUBDIVISION, BELOW ZERO, NOR SHALL ANY SUCH CREDIT BE ALLOWED FOR A TAX
31 PAID MORE THAN TWENTY-FOUR MONTHS PRIOR TO THE DATE ON WHICH OCCURS THE
32 FIRST IN A SERIES OF CONVEYANCES OF SHARES OF STOCK IN AN OFFERING OF
33 COOPERATIVE HOUSING CORPORATION SHARES DESCRIBED IN PARAGRAPH (A) OF
34 THIS SUBDIVISION.
35 2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE AN
36 INFORMATION RETURN WITH THE TREASURER BY JULY FIFTEENTH OF EACH YEAR
37 COVERING THE PRECEDING PERIOD OF JANUARY FIRST THROUGH JUNE THIRTIETH
38 AND BY JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
39 JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN SUCH
40 INFORMATION REGARDING THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
41 ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM NECESSARY, INCLUD-
42 ING, BUT NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
43 TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE GRANTOR AND THE GRANTEE,
44 THE NUMBER OF SHARES CONVEYED, THE DATE OF THE CONVEYANCE AND THE
45 CONSIDERATION PAID FOR SUCH CONVEYANCE.
46 S 1630-H. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
47 NATE THE RECORDING OFFICER TO ACT AS ITS AGENT FOR PURPOSES OF COLLECT-
48 ING THE TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER SHALL PROVIDE FOR
49 THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS ITS AGENT SUBJECT
50 TO SUCH TERMS AND CONDITIONS AS IT SHALL PRESCRIBE. THE REAL ESTATE
51 TRANSFER TAX SHALL BE PAID TO SUCH AGENT AS PROVIDED IN SECTION SIXTEEN
52 HUNDRED THIRTY-C OF THIS ARTICLE.
53 S 1630-I. LIABILITY OF RECORDING OFFICER. A RECORDING OFFICER SHALL
54 NOT BE LIABLE FOR ANY INACCURACY IN THE AMOUNT OF TAX IMPOSED PURSUANT
55 TO THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS HE OR SHE SHALL
56 COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE VALUE
S. 5410 7
1 OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR HER BY
2 THE PERSON PAYING THE TAX.
3 S 1630-J. REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT ANY
4 MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT
5 TO THIS ARTICLE WERE PAID IN ERROR, IT MAY CAUSE SUCH MONEYS TO BE
6 REFUNDED PURSUANT TO SUCH RULES AND REGULATIONS IT MAY PRESCRIBE,
7 PROVIDED ANY APPLICATION FOR SUCH REFUND IS FILED WITH THE TREASURER
8 WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
9 S 1630-K. DEPOSIT AND DISPOSITION OF REVENUE. ALL TAXES COLLECTED OR
10 RECEIVED BY THE TREASURER OR HIS OR HER DULY AUTHORIZED AGENT UNDER THE
11 PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE SHALL BE
12 DEPOSITED IN ACCORDANCE WITH PROVISIONS OF A LOCAL LAW ADOPTED BY THE
13 LEGISLATIVE BODY OF THE COUNTY OF LIVINGSTON WHICH LOCAL LAW SHALL
14 DESIGNATE PROPER OFFICERS TO BE RESPONSIBLE FOR DEPOSIT OF REVENUE
15 COLLECTED OR RECEIVED UNDER THIS ARTICLE. SUCH LOCAL LAW SHALL ALSO
16 PROVIDE THAT ANY OFFICER DESIGNATED TO COLLECT, RECEIVE, OR DEPOSIT SUCH
17 REVENUE SHALL MAINTAIN A SYSTEM OF ACCOUNTS SHOWING THE REVENUE
18 COLLECTED OR RECEIVED FROM THE TAX IMPOSED PURSUANT TO THIS ARTICLE.
19 SUCH LOCAL LAW SHALL ALSO PROVIDE THAT ALL REVENUE DERIVED FROM THE
20 IMPOSITION OF SUCH TAX SHALL BE DEPOSITED INTO THE GENERAL FUND OF THE
21 COUNTY OF LIVINGSTON.
22 S 1630-L. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
23 ANY TAX PAYABLE UNDER SECTION SIXTEEN HUNDRED THIRTY-C OF THIS ARTICLE
24 SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITUTIONALITY OR ANY
25 OTHER REASON WHATSOEVER BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF
26 THE CIVIL PRACTICE LAW AND RULES IF APPLICATION THEREFOR IS MADE TO THE
27 SUPREME COURT WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH
28 FINAL DETERMINATION, PROVIDED, HOWEVER, THAT ANY SUCH PROCEEDING UNDER
29 ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND RULES SHALL NOT BE
30 INSTITUTED UNLESS (A) THE AMOUNT OF ANY TAX SOUGHT TO BE REVIEWED, WITH
31 SUCH INTEREST AND PENALTIES THEREON AS MAY BE PROVIDED FOR BY LOCAL LAW
32 SHALL BE FIRST DEPOSITED AND THERE IS FILED AN UNDERTAKING, ISSUED BY A
33 SURETY COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE AND
34 APPROVED BY THE SUPERINTENDENT OF INSURANCE OF THIS STATE AS TO SOLVENCY
35 AND RESPONSIBILITY, IN SUCH AMOUNT AS A JUSTICE OF THE SUPREME COURT
36 SHALL APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE
37 TAX CONFIRMED THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY
38 ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING OR (B) AT THE OPTION OF THE
39 PETITIONER, SUCH UNDERTAKING MAY BE IN A SUM SUFFICIENT TO COVER THE
40 TAXES, INTEREST AND PENALTIES STATED IN SUCH DETERMINATION, PLUS THE
41 COSTS AND CHARGES WHICH MAY ACCRUE AGAINST IT IN THE PROSECUTION OF THE
42 PROCEEDING, IN WHICH EVENT THE PETITIONER SHALL NOT BE REQUIRED TO PAY
43 SUCH TAXES, INTEREST OR PENALTIES AS A CONDITION PRECEDENT TO THE APPLI-
44 CATION.
45 2. WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
46 GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED AND APPLICATION FOR
47 THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
48 OFFICERS, AND SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
49 DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE REVIEWABLE
50 BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
51 AND RULES; PROVIDED, HOWEVER, THAT (A) SUCH PROCEEDING IS INSTITUTED
52 WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B) A
53 FINAL DETERMINATION OF TAX DUE WAS NOT PREVIOUSLY MADE, AND (C) AN
54 UNDERTAKING IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
55 AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE SUPREME COURT SHALL
56 APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
S. 5410 8
1 CONFIRMED, THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY
2 ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
3 S 1630-M. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
4 OF THE COUNTY OF LIVINGSTON SHALL PROVIDE FOR A METHOD OF APPORTIONMENT
5 FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPERTY OR
6 INTEREST THEREIN IS SITUATED WITHIN AND WITHOUT THE COUNTY OF LIVING-
7 STON.
8 S 1630-N. MISCELLANEOUS. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
9 OF THE COUNTY OF LIVINGSTON MAY CONTAIN SUCH OTHER PROVISIONS AS SUCH
10 LEGISLATIVE BODY DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE
11 TAX IMPOSED PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERNING
12 THE DETERMINATION OF TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS
13 AND OVERPAYMENTS AND THE IMPOSITION OF CIVIL PENALTIES. SUCH PROVISIONS
14 SHALL BE IDENTICAL TO THE CORRESPONDING PROVISIONS OF THE REAL ESTATE
15 TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER, SO FAR AS
16 SUCH PROVISIONS CAN BE MADE APPLICABLE TO THE TAX IMPOSED PURSUANT TO
17 THIS ARTICLE.
18 S 1630-O. RETURNS TO BE SECRET. 1. EXCEPT IN ACCORDANCE WITH PROPER
19 JUDICIAL ORDER OR AS OTHERWISE PROVIDED BY LAW, IT SHALL BE UNLAWFUL FOR
20 THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OF LIVINGSTON OR
21 ANY PERSON ENGAGED OR RETAINED BY SUCH COUNTY ON AN INDEPENDENT CONTRACT
22 BASIS TO DIVULGE OR MAKE KNOWN IN ANY MANNER THE PARTICULARS SET FORTH
23 OR DISCLOSED IN ANY RETURN REQUIRED UNDER A LOCAL LAW ENACTED PURSUANT
24 TO THIS ARTICLE. HOWEVER, THAT NOTHING IN THIS SECTION SHALL PROHIBIT
25 THE RECORDING OFFICER FROM MAKING A NOTATION ON AN INSTRUMENT EFFECTING
26 A CONVEYANCE INDICATING THE AMOUNT OF TAX PAID. NO RECORDED INSTRUMENT
27 EFFECTING A CONVEYANCE SHALL BE CONSIDERED A RETURN FOR PURPOSES OF THIS
28 SECTION.
29 2. THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
30 REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE OF ANYTHING CONTAINED IN
31 THEM IN ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
32 COUNTY IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A TAX DUE
33 UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH COUNTY
34 OR AN OFFICER OR EMPLOYEE OF SUCH COUNTY IS A PARTY OR A CLAIMANT, OR ON
35 BEHALF OF ANY PARTY TO ANY ACTION OR PROCEEDING UNDER THE PROVISIONS OF
36 A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE WHEN THE RETURNS OR FACTS
37 SHOWN THEREBY ARE DIRECTLY INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY
38 OF WHICH EVENTS THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT
39 IN EVIDENCE, SO MUCH OF SAID RETURNS OR OF THE FACTS SHOWN THEREBY, AS
40 ARE PERTINENT TO THE ACTION OR PROCEEDING AND NO MORE.
41 3. NOTHING HEREIN SHALL BE CONSTRUED TO PROHIBIT THE DELIVERY TO A
42 GRANTOR OR GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR THE DULY
43 AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
44 ANY RETURN FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
45 PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
46 OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE INSPECTION BY THE
47 LEGAL REPRESENTATIVES OF SUCH COUNTY OF THE RETURN OF ANY TAXPAYER WHO
48 SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX BASED THEREON.
49 4. ANY OFFICER OR EMPLOYEE OF SUCH COUNTY WHO WILLFULLY VIOLATES THE
50 PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE AND BE INCAPA-
51 BLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD OF FIVE
52 YEARS THEREAFTER.
53 S 2. This act shall take effect immediately and shall expire and be
54 deemed repealed December 31, 2013.