S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9168

                          I N  A S S E M B L Y

                             March 25, 2014
                               ___________

Introduced  by M. of A. NOJAY -- read once and referred to the Committee
  on Ways and Means

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:

  Section 1. The tax law is amended by adding a new article 31-H to read
as follows:
                              ARTICLE 31-H
                      TAX ON REAL ESTATE TRANSFERS
                       IN THE COUNTY OF LIVINGSTON
SECTION 1449-AAAAAA. DEFINITIONS.
        1449-BBBBBB. IMPOSITION OF TAX.
        1449-CCCCCC. PAYMENT OF TAX.
        1449-DDDDDD. LIABILITY FOR TAX.
        1449-EEEEEE. EXEMPTIONS.
        1449-FFFFFF. CREDIT.
        1449-GGGGGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.
        1449-HHHHHH. DESIGNATION OF AGENTS.
        1449-IIIIII. LIABILITY OF RECORDING OFFICER.
        1449-JJJJJJ. REFUNDS.
        1449-KKKKKK. DEPOSIT AND DISPOSITION OF REVENUE.
        1449-LLLLLL. JUDICIAL REVIEW.
        1449-MMMMMM. APPORTIONMENT.
        1449-NNNNNN. MISCELLANEOUS.
        1449-OOOOOO. RETURNS TO BE SECRET.
  S 1449-AAAAAA. DEFINITIONS. WHEN USED IN THIS ARTICLE,  UNLESS  OTHER-
WISE EXPRESSLY STATED:
  1.  "PERSON"  MEANS  AN INDIVIDUAL, PARTNERSHIP, SOCIETY, ASSOCIATION,
JOINT STOCK COMPANY, CORPORATION, ESTATE, RECEIVER,  TRUSTEE,  ASSIGNEE,
REFEREE  OR  ANY  OTHER  PERSON  ACTING IN A FIDUCIARY OR REPRESENTATIVE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD04050-01-3

A. 9168                             2

CAPACITY, WHETHER APPOINTED BY A COURT OR OTHERWISE, ANY COMBINATION  OF
INDIVIDUALS,  AND  ANY  OTHER FORM OF UNINCORPORATED ENTERPRISE OWNED OR
CONDUCTED BY TWO OR MORE PERSONS.
  2.  "CONTROLLING  INTEREST"  MEANS  (A)  IN THE CASE OF A CORPORATION,
EITHER FIFTY PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER  OF  ALL
CLASSES  OF  STOCK  OF SUCH CORPORATION, OR FIFTY PERCENT OR MORE OF THE
CAPITAL, PROFITS OR BENEFICIAL INTEREST IN SUCH  VOTING  STOCK  OF  SUCH
CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
OTHER  ENTITY,  FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS OR BENEFI-
CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
  3. "REAL PROPERTY" MEANS EVERY ESTATE OR RIGHT,  LEGAL  OR  EQUITABLE,
PRESENT  OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR HEREDI-
TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE COUNTY  OF  LIVINGSTON.
IT SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
  4.  "CONSIDERATION"  MEANS  THE  PRICE ACTUALLY PAID OR REQUIRED TO BE
PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR  NOT  EXPRESSED
IN  THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
OR ANY OTHER THING OF  VALUE.  IT  SHALL  INCLUDE  THE  CANCELLATION  OR
DISCHARGE  OF  AN  INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN  OR  OTHER  ENCUM-
BRANCE,  WHETHER  OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
SUBJECT TO.
  (A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE  GRANTING
OF  AN  OPTION  WITH  USE  AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND  OTHER
PAYMENTS  ATTRIBUTABLE  TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE  TO  THE
EXERCISE OF ANY OPTION TO RENEW.
  (B)  IN  THE  CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE  OF  THE  SUBLEASE
RENTAL  PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE  VALUE
OF  RENTAL  OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
TO RENEW LESS THE VALUE OF THE REMAINING  PRIME  LEASE  RENTAL  PAYMENTS
REQUIRED TO BE MADE.
  (C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
PROPERTY,  CONSIDERATION  SHALL  MEAN  THE FAIR MARKET VALUE OF THE REAL
PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
  (D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD  INTEREST
OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
PROPERTY,  CONSIDERATION  SHALL  NOT  INCLUDE THE VALUE OF THE REMAINING
RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH  LEASE
OR  THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
  (E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
PLAN SPONSOR AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER  THEREOF  OF
SUCH  STOCK  IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
GRANT OR TRANSFER OF A PROPRIETARY  LEASEHOLD  FOR  A  COOPERATIVE  UNIT
OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
PROPORTIONATE  SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL

A. 9168                             3

PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING  THE  COOPER-
ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
ATOR  OF  WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
THE COOPERATIVE HOUSING CORPORATION IN  CONNECTION  WITH  THE  GRANT  OR
TRANSFER  OF  A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
RATION.
  5. "CONVEYANCE" MEANS THE TRANSFER OR TRANSFERS  OF  ANY  INTEREST  IN
REAL  PROPERTY  BY  ANY  METHOD,  INCLUDING  BUT  NOT  LIMITED TO, SALE,
EXCHANGE, ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN  LIEU
OF  FORECLOSURE,  OPTION,  TRUST  INDENTURE,  TAKING  BY EMINENT DOMAIN,
CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
TY. TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE  CREATION
OF  A  LEASEHOLD  OR  SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE
LEASE OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE  YEARS,
(B)  SUBSTANTIAL  CAPITAL  IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE
BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
SUBSTANTIALLY ALL  OF  THE  PREMISES  CONSTITUTING  THE  REAL  PROPERTY.
NOTWITHSTANDING  THE  FOREGOING,  CONVEYANCE  OF REAL PROPERTY SHALL NOT
INCLUDE THE CREATION,  MODIFICATION,  EXTENSION,  SPREADING,  SEVERANCE,
CONSOLIDATION,  ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORT-
GAGE; A MORTGAGE SUBORDINATION AGREEMENT, A  MORTGAGE  SEVERANCE  AGREE-
MENT,  AN INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR
A RELEASE OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVEN-
UE CODE.
  6. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A  LEASEHOLD
INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
SPACE  AND  AIR  RIGHTS,  OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO  RECEIVE  RENTS,  PROFITS  OR
OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
OR  CONTRACT  TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
FIRST REFUSAL TO PURCHASE REAL PROPERTY.
  7. "GRANTOR" MEANS THE PERSON MAKING THE CONVEYANCE OF  REAL  PROPERTY
OR  INTEREST  THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN  INTEREST  IN
REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
ERTY  OR  A  SHAREHOLDER  OR  PARTNER  TRANSFERRING STOCK OR PARTNERSHIP
INTEREST.
  8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL  PROPERTY  OR  INTEREST
THEREIN AS A RESULT OF A CONVEYANCE.
  9. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF LIVING-
STON.
  10.  "TREASURER"  MEANS  THE  COMMISSIONER OF FINANCE OF THE COUNTY OF
LIVINGSTON.
  S  1449-BBBBBB.    IMPOSITION  OF  TAX.  NOTWITHSTANDING   ANY   OTHER
PROVISIONS  OF  LAW  TO  THE  CONTRARY, THE COUNTY OF LIVINGSTON, ACTING
THROUGH ITS LOCAL LEGISLATIVE BODY, IS HEREBY AUTHORIZED  AND  EMPOWERED
TO  ADOPT  AND  AMEND  LOCAL  LAWS IMPOSING IN SUCH COUNTY A TAX ON EACH
CONVEYANCE OF REAL PROPERTY OR INTEREST THEREIN WHEN  THE  CONSIDERATION
EXCEEDS  FIVE  HUNDRED  DOLLARS, AT THE RATE OF ONE DOLLAR FOR EACH FIVE
HUNDRED DOLLARS OR FRACTIONAL PART THEREOF. SUCH LOCAL LAW  SHALL  APPLY
TO  ANY  CONVEYANCE OCCURRING ON OR AFTER THE FIRST DAY OF A MONTH TO BE
DESIGNATED BY SUCH LEGISLATIVE BODY, WHICH IS NOT LESS THAN  SIXTY  DAYS
AFTER  THE  ENACTMENT OF SUCH LOCAL LAWS, BUT SHALL NOT APPLY TO CONVEY-

A. 9168                             4

ANCES MADE ON OR AFTER SUCH DATE PURSUANT TO BINDING  WRITTEN  CONTRACTS
ENTERED  INTO PRIOR TO SUCH DATE, PROVIDED THAT THE DATE OF EXECUTION OF
SUCH CONTRACT IS CONFIRMED BY INDEPENDENT EVIDENCE SUCH AS THE RECORDING
OF  THE  CONTRACT, PAYMENT OF A DEPOSIT OR OTHER FACTS AND CIRCUMSTANCES
AS DETERMINED BY THE TREASURER.
  S 1449-CCCCCC. PAYMENT OF TAX. 1. THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
OFFICER ACTING AS THE AGENT OF THE TREASURER UPON  DESIGNATION  AS  SUCH
AGENT  BY  THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE
REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF  THIS  CHAPTER
IS  REQUIRED  TO  BE  PAID.  SUCH  TREASURER  OR RECORDING OFFICER SHALL
ENDORSE UPON EACH DEED OR INSTRUMENT EFFECTING A  CONVEYANCE  A  RECEIPT
FOR THE AMOUNT OF THE TAX SO PAID.
  2.  A  RETURN  SHALL  BE  REQUIRED  TO BE FILED WITH SUCH TREASURER OR
RECORDING OFFICER FOR PURPOSES OF THE REAL ESTATE TRANSFER  TAX  IMPOSED
PURSUANT  TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO BE
FILED FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX  IMPOSED  BY  ARTICLE
THIRTY-ONE  OF THIS CHAPTER. THE RETURN, FOR PURPOSES OF THE REAL ESTATE
TRANSFER TAX IMPOSED PURSUANT TO THIS ARTICLE, SHALL BE A  PHOTOCOPY  OR
CARBON  COPY OF THE REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED
PURSUANT TO SECTION FOURTEEN HUNDRED NINE OF  THIS  CHAPTER.    HOWEVER,
WHEN  AN  APPORTIONMENT IS REQUIRED TO BE MADE PURSUANT TO SECTION FOUR-
TEEN HUNDRED FORTY-NINE-MMMMMM OF  THIS  ARTICLE,  A  SUPPLEMENTAL  FORM
SHALL ALSO BE REQUIRED TO BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS
AND  SUPPLEMENTAL  FORMS  REQUIRED  TO BE FILED PURSUANT TO THIS SECTION
SHALL BE PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL  SUCH  TREASURER
OR RECORDING OFFICER ORDERS THEM TO BE DESTROYED.
  3.  THE  RECORDING  OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
THE TAX IMPOSED PURSUANT  TO  THIS  ARTICLE  SHALL  HAVE  BEEN  PAID  AS
PROVIDED IN THIS SECTION.
  S  1449-DDDDDD.  LIABILITY  FOR TAX.   1. THE REAL ESTATE TRANSFER TAX
SHALL BE PAID BY THE GRANTOR. IF THE GRANTOR HAS FAILED TO PAY  THE  TAX
IMPOSED  PURSUANT  TO THIS ARTICLE OR IF THE GRANTOR IS EXEMPT FROM SUCH
TAX, THE GRANTEE SHALL HAVE THE DUTY TO PAY THE TAX. WHERE  THE  GRANTEE
HAS  THE DUTY TO PAY THE TAX BECAUSE THE GRANTOR HAS FAILED TO PAY, SUCH
TAX SHALL BE THE JOINT AND SEVERAL LIABILITY  OF  THE  GRANTOR  AND  THE
GRANTEE.
  2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
PREVENT  EVASION OF THE TAX HEREBY AUTHORIZED, IT SHALL BE PRESUMED THAT
ALL CONVEYANCES ARE TAXABLE.  WHERE THE CONSIDERATION INCLUDES  PROPERTY
OTHER  THAN  MONEY,  IT  SHALL BE PRESUMED THAT THE CONSIDERATION IS THE
FAIR MARKET VALUE OF  THE  REAL  PROPERTY  OR  INTEREST  THEREIN.  THESE
PRESUMPTIONS  SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
TAX.
  S 1449-EEEEEE. EXEMPTIONS. 1.  THE  FOLLOWING  SHALL  BE  EXEMPT  FROM
PAYMENT OF THE REAL ESTATE TRANSFER TAX:
  (A)  THE STATE OF NEW YORK, OR ANY OF ITS AGENCIES, INSTRUMENTALITIES,
POLITICAL SUBDIVISIONS,  OR  PUBLIC  CORPORATIONS  (INCLUDING  A  PUBLIC
CORPORATION  CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
OR THE DOMINION OF CANADA).
  (B) THE UNITED NATIONS, THE UNITED STATES OF AMERICA AND  ANY  OF  ITS
AGENCIES AND INSTRUMENTALITIES.
  THE EXEMPTION OF SUCH GOVERNMENTAL BODIES OR PERSONS SHALL NOT, HOWEV-
ER, RELIEVE A GRANTEE FROM THEM OF LIABILITY FOR THE TAX.

A. 9168                             5

  2. THE TAX SHALL NOT APPLY TO ANY OF THE FOLLOWING CONVEYANCES:
  (A)  CONVEYANCES  TO THE UNITED NATIONS, THE UNITED STATES OF AMERICA,
THE STATE OF NEW YORK, OR ANY OF THEIR  INSTRUMENTALITIES,  AGENCIES  OR
POLITICAL  SUBDIVISIONS  (OR  ANY PUBLIC CORPORATION, INCLUDING A PUBLIC
CORPORATION CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER  STATE
OR THE DOMINION OF CANADA);
  (B) CONVEYANCES WHICH ARE OR WERE USED TO SECURE A DEBT OR OTHER OBLI-
GATION;
  (C)  CONVEYANCES  WHICH,  WITHOUT  ADDITIONAL  CONSIDERATION, CONFIRM,
CORRECT, MODIFY OR SUPPLEMENT A PRIOR CONVEYANCE;
  (D) CONVEYANCES OF REAL PROPERTY WITHOUT CONSIDERATION  AND  OTHERWISE
THAN  IN  CONNECTION WITH A SALE, INCLUDING CONVEYANCES CONVEYING REALTY
AS BONA FIDE GIFTS;
  (E) CONVEYANCES GIVEN IN CONNECTION WITH A TAX SALE;
  (F) CONVEYANCES TO EFFECTUATE A MERE CHANGE OF  IDENTITY  OR  FORM  OF
OWNERSHIP  OR ORGANIZATION WHERE THERE IS NO CHANGE IN BENEFICIAL OWNER-
SHIP, OTHER THAN CONVEYANCES TO A COOPERATIVE HOUSING CORPORATION OF THE
REAL PROPERTY COMPRISING THE COOPERATIVE DWELLING OR DWELLINGS;
  (G) CONVEYANCES WHICH CONSIST OF A DEED OF PARTITION;
  (H) CONVEYANCES GIVEN PURSUANT TO THE FEDERAL BANKRUPTCY ACT;
  (I) CONVEYANCES OF REAL PROPERTY WHICH CONSIST OF THE EXECUTION  OF  A
CONTRACT  TO  SELL  REAL  PROPERTY  WITHOUT THE USE OR OCCUPANCY OF SUCH
PROPERTY OR THE GRANTING OF AN OPTION TO PURCHASE REAL PROPERTY  WITHOUT
THE USE OR OCCUPANCY OF SUCH PROPERTY; AND
  (J)  CONVEYANCES  OF  AN  OPTION OR CONTRACT TO PURCHASE REAL PROPERTY
WITH THE USE OR OCCUPANCY OF SUCH PROPERTY WHERE  THE  CONSIDERATION  IS
LESS THAN TWO HUNDRED THOUSAND DOLLARS AND SUCH PROPERTY WAS USED SOLELY
BY  THE  GRANTOR AS HIS PERSONAL RESIDENCE AND CONSISTS OF A ONE, TWO OR
THREE-FAMILY HOUSE, AN INDIVIDUAL RESIDENTIAL CONDOMINIUM  UNIT  OR  THE
SALE  OF  STOCK  IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH
THE GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD COVERING AN  INDIVIDUAL
RESIDENTIAL COOPERATIVE UNIT.
  S  1449-FFFFFF.    CREDIT. A GRANTOR SHALL BE ALLOWED A CREDIT AGAINST
THE TAX DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS  PAID
BY  SUCH  GRANTOR ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A PORTION
OF THE SAME REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
PURCHASE ALL OR A PORTION OF THE SAME REAL PROPERTY,  BY  SUCH  GRANTOR.
SUCH  CREDIT  SHALL  BE  COMPUTED  BY  MULTIPLYING  THE  TAX PAID ON THE
CREATION OF THE LEASEHOLD OR ON THE GRANTING OF THE OPTION  OR  CONTRACT
BY  A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION
USED TO COMPUTE SUCH TAX PAID WHICH IS NOT YET DUE TO  SUCH  GRANTOR  ON
THE  DATE  OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR WILL NOT
BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
  S 1449-GGGGGG. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1.  NOTWITH-
STANDING THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN  SUBDIVI-
SION  TWO  OF SECTION FOURTEEN HUNDRED FORTY-NINE-AAAAAA OF THIS ARTICLE
OR ANYTHING TO THE CONTRARY CONTAINED IN  SUBDIVISION  FIVE  OF  SECTION
FOURTEEN  HUNDRED  FORTY-NINE-AAAAAA  OF  THIS  ARTICLE, THE TAX IMPOSED
PURSUANT TO THIS ARTICLE SHALL APPLY TO (A) THE ORIGINAL  CONVEYANCE  OF
SHARES  OF STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH
THE GRANT OR TRANSFER OF A  PROPRIETARY  LEASEHOLD  BY  THE  COOPERATIVE
CORPORATION  OR COOPERATIVE PLAN SPONSOR, AND (B) THE SUBSEQUENT CONVEY-
ANCE OF SUCH STOCK IN A COOPERATIVE HOUSING  CORPORATION  IN  CONNECTION
WITH THE GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD BY THE OWNER THER-
EOF.  WITH  RESPECT TO ANY SUCH SUBSEQUENT CONVEYANCE WHERE THE PROPERTY

A. 9168                             6

IS AN INDIVIDUAL RESIDENTIAL UNIT, THE CONSIDERATION  FOR  THE  INTEREST
CONVEYED  SHALL  EXCLUDE THE VALUE OF ANY LIENS ON CERTIFICATES OF STOCK
OR OTHER EVIDENCES OF AN OWNERSHIP INTEREST IN AND A  PROPRIETARY  LEASE
FROM  A CORPORATION OR PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE
OWNERSHIP OF RESIDENTIAL INTEREST IN REAL ESTATE  REMAINING  THEREON  AT
THE TIME OF CONVEYANCE. IN DETERMINING THE TAX ON A CONVEYANCE DESCRIBED
IN  PARAGRAPH  (A)  OF THIS SUBDIVISION, A CREDIT SHALL BE ALLOWED FOR A
PROPORTIONATE PART OF THE AMOUNT OF ANY TAX PAID UPON THE CONVEYANCE  TO
THE  COOPERATIVE HOUSING CORPORATION OF THE REAL PROPERTY COMPRISING THE
COOPERATIVE DWELLING OR DWELLINGS TO THE  EXTENT  THAT  SUCH  CONVEYANCE
EFFECTUATED A MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP OF SUCH PROP-
ERTY AND NOT A CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY.  THE
AMOUNT  OF  THE  CREDIT SHALL BE DETERMINED BY MULTIPLYING THE AMOUNT OF
TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION BY A
PERCENTAGE REPRESENTING THE EXTENT TO WHICH SUCH CONVEYANCE  EFFECTUATED
A  MERE  CHANGE OF IDENTITY OR FORM OF OWNERSHIP AND NOT A CHANGE IN THE
BENEFICIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLYING THE  RESULT-
ING PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE THE NUMBER OF
SHARES  OF STOCK CONVEYED IN A TRANSACTION DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL  NUMBER
OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPORATION (INCLUDING ANY
STOCK HELD BY THE CORPORATION).  IN NO EVENT, HOWEVER, SHALL SUCH CREDIT
REDUCE  THE  TAX,  ON  A  CONVEYANCE  DESCRIBED IN PARAGRAPH (A) OF THIS
SUBDIVISION, BELOW ZERO, NOR SHALL ANY SUCH CREDIT BE ALLOWED FOR A  TAX
PAID  MORE THAN TWENTY-FOUR MONTHS PRIOR TO THE DATE ON WHICH OCCURS THE
FIRST IN A SERIES OF CONVEYANCES OF SHARES OF STOCK IN  AN  OFFERING  OF
COOPERATIVE  HOUSING  CORPORATION  SHARES  DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION.
  2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE  AN
INFORMATION  RETURN  WITH  THE  TREASURER BY JULY FIFTEENTH OF EACH YEAR
COVERING THE PRECEDING PERIOD OF JANUARY FIRST  THROUGH  JUNE  THIRTIETH
AND  BY  JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN  SUCH
INFORMATION  REGARDING  THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM  NECESSARY,  INCLUD-
ING,  BUT  NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE GRANTOR AND THE  GRANTEE,
THE  NUMBER  OF  SHARES  CONVEYED,  THE  DATE  OF THE CONVEYANCE AND THE
CONSIDERATION PAID FOR SUCH CONVEYANCE.
  S 1449-HHHHHH. DESIGNATION OF AGENTS. THE TREASURER IS  AUTHORIZED  TO
DESIGNATE  THE  RECORDING  OFFICER  TO  ACT AS ITS AGENT FOR PURPOSES OF
COLLECTING THE TAX AUTHORIZED  BY  THIS  ARTICLE.  THE  TREASURER  SHALL
PROVIDE  FOR  THE  MANNER  IN WHICH SUCH PERSON MAY BE DESIGNATED AS ITS
AGENT SUBJECT TO SUCH TERMS AND CONDITIONS AS IT  SHALL  PRESCRIBE.  THE
REAL  ESTATE  TRANSFER  TAX  SHALL  BE PAID TO SUCH AGENT AS PROVIDED IN
SECTION FOURTEEN HUNDRED FORTY-NINE-CCCCCC OF THIS ARTICLE.
  S 1449-IIIIII. LIABILITY OF RECORDING  OFFICER.  A  RECORDING  OFFICER
SHALL  NOT  BE  LIABLE  FOR  ANY INACCURACY IN THE AMOUNT OF TAX IMPOSED
PURSUANT TO THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS  HE  OR
SHE SHALL COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR
THE  VALUE  OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM
OR HER BY THE PERSON PAYING THE TAX.
  S 1449-JJJJJJ. REFUNDS. WHENEVER THE TREASURER  SHALL  DETERMINE  THAT
ANY MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSU-
ANT  TO  THIS ARTICLE WERE PAID IN ERROR, IT MAY CAUSE SUCH MONEYS TO BE
REFUNDED PURSUANT TO  SUCH  RULES  AND  REGULATIONS  IT  MAY  PRESCRIBE,

A. 9168                             7

PROVIDED  ANY  APPLICATION  FOR  SUCH REFUND IS FILED WITH THE TREASURER
WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
  S 1449-KKKKKK. DEPOSIT AND DISPOSITION OF REVENUE. ALL TAXES COLLECTED
OR  RECEIVED  BY THE TREASURER OR HIS OR HER DULY AUTHORIZED AGENT UNDER
THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT TO THIS  ARTICLE  SHALL
BE DEPOSITED IN ACCORDANCE WITH PROVISIONS OF A LOCAL LAW ADOPTED BY THE
LEGISLATIVE  BODY  OF  THE  COUNTY  OF  LIVINGSTON WHICH LOCAL LAW SHALL
DESIGNATE PROPER OFFICERS TO  BE  RESPONSIBLE  FOR  DEPOSIT  OF  REVENUE
COLLECTED  OR  RECEIVED  UNDER  THIS  ARTICLE. SUCH LOCAL LAW SHALL ALSO
PROVIDE THAT ANY OFFICER DESIGNATED TO COLLECT, RECEIVE, OR DEPOSIT SUCH
REVENUE  SHALL  MAINTAIN  A  SYSTEM  OF  ACCOUNTS  SHOWING  THE  REVENUE
COLLECTED  OR  RECEIVED  FROM  THE TAX IMPOSED PURSUANT TO THIS ARTICLE.
SUCH LOCAL LAW SHALL ALSO PROVIDE THAT  ALL  REVENUE  DERIVED  FROM  THE
IMPOSITION  OF  SUCH TAX SHALL BE DEPOSITED INTO THE GENERAL FUND OF THE
COUNTY OF LIVINGSTON.
  S 1449-LLLLLL. JUDICIAL REVIEW. 1.  ANY  FINAL  DETERMINATION  OF  THE
AMOUNT   OF   ANY   TAX   PAYABLE   UNDER   SECTION   FOURTEEN   HUNDRED
FORTY-NINE-CCCCCC OF THIS ARTICLE SHALL BE REVIEWABLE FOR  ERROR,  ILLE-
GALITY  OR  UNCONSTITUTIONALITY  OR  ANY  OTHER  REASON  WHATSOEVER BY A
PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE  CIVIL  PRACTICE  LAW  AND
RULES  IF  APPLICATION THEREFOR IS MADE TO THE SUPREME COURT WITHIN FOUR
MONTHS AFTER THE GIVING OF  THE  NOTICE  OF  SUCH  FINAL  DETERMINATION,
PROVIDED,  HOWEVER, THAT ANY SUCH PROCEEDING UNDER ARTICLE SEVENTY-EIGHT
OF THE CIVIL PRACTICE LAW AND RULES SHALL NOT BE INSTITUTED  UNLESS  (A)
THE  AMOUNT  OF  ANY  TAX  SOUGHT TO BE REVIEWED, WITH SUCH INTEREST AND
PENALTIES THEREON AS MAY BE PROVIDED FOR BY LOCAL  LAW  SHALL  BE  FIRST
DEPOSITED  AND THERE IS FILED AN UNDERTAKING, ISSUED BY A SURETY COMPANY
AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE AND APPROVED BY THE SUPER-
INTENDENT OF FINANCIAL SERVICES OF THIS STATE AS TO SOLVENCY AND RESPON-
SIBILITY, IN SUCH AMOUNT AS A JUSTICE OF THE SUPREME COURT SHALL APPROVE
TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX  CONFIRMED
THE  PETITIONER  WILL  PAY ALL COSTS AND CHARGES WHICH MAY ACCRUE IN THE
PROSECUTION OF SUCH PROCEEDING OR (B) AT THE OPTION OF  THE  PETITIONER,
SUCH UNDERTAKING MAY BE IN A SUM SUFFICIENT TO COVER THE TAXES, INTEREST
AND  PENALTIES  STATED IN SUCH DETERMINATION, PLUS THE COSTS AND CHARGES
WHICH MAY ACCRUE AGAINST IT IN THE PROSECUTION  OF  THE  PROCEEDING,  IN
WHICH  EVENT  THE  PETITIONER  SHALL  NOT BE REQUIRED TO PAY SUCH TAXES,
INTEREST OR PENALTIES AS A CONDITION PRECEDENT TO THE APPLICATION.
  2. WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY,  ILLE-
GALLY  OR  UNCONSTITUTIONALLY  ASSESSED OR COLLECTED AND APPLICATION FOR
THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
OFFICERS, AND SUCH OFFICER OR OFFICERS SHALL HAVE MADE  A  DETERMINATION
DENYING  SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE REVIEWABLE
BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE  CIVIL  PRACTICE  LAW
AND  RULES;  PROVIDED,  HOWEVER,  THAT (A) SUCH PROCEEDING IS INSTITUTED
WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B)  A
FINAL  DETERMINATION  OF  TAX  DUE  WAS  NOT PREVIOUSLY MADE, AND (C) AN
UNDERTAKING IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN  SUCH
AMOUNT  AND  WITH  SUCH SURETIES AS A JUSTICE OF THE SUPREME COURT SHALL
APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED  OR  THE  TAX
CONFIRMED,  THE  PETITIONER  WILL  PAY  ALL  COSTS AND CHARGES WHICH MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
  S 1449-MMMMMM. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE
BODY OF THE COUNTY OF LIVINGSTON SHALL PROVIDE FOR A  METHOD  OF  APPOR-
TIONMENT FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPER-

A. 9168                             8

TY  OR  INTEREST  THEREIN  IS  SITUATED WITHIN AND WITHOUT THE COUNTY OF
LIVINGSTON.
  S 1449-NNNNNN. MISCELLANEOUS. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE
BODY  OF  THE  COUNTY OF LIVINGSTON MAY CONTAIN SUCH OTHER PROVISIONS AS
SUCH LEGISLATIVE BODY DEEMS NECESSARY FOR THE PROPER  ADMINISTRATION  OF
THE  TAX IMPOSED PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERN-
ING THE DETERMINATION OF TAX, THE IMPOSITION OF  INTEREST  ON  UNDERPAY-
MENTS  AND  OVERPAYMENTS  AND  THE IMPOSITION OF CIVIL PENALTIES.   SUCH
PROVISIONS SHALL BE IDENTICAL TO THE  CORRESPONDING  PROVISIONS  OF  THE
REAL  ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER,
SO FAR AS SUCH PROVISIONS CAN BE MADE  APPLICABLE  TO  THE  TAX  IMPOSED
PURSUANT TO THIS ARTICLE.
  S  1449-OOOOOO.  RETURNS  TO  BE  SECRET. 1. EXCEPT IN ACCORDANCE WITH
PROPER JUDICIAL ORDER OR AS OTHERWISE  PROVIDED  BY  LAW,  IT  SHALL  BE
UNLAWFUL  FOR  THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OF
LIVINGSTON OR ANY PERSON ENGAGED OR RETAINED BY SUCH COUNTY ON AN  INDE-
PENDENT  CONTRACT  BASIS  TO  DIVULGE  OR  MAKE  KNOWN IN ANY MANNER THE
PARTICULARS SET FORTH OR DISCLOSED IN ANY RETURN REQUIRED UNDER A  LOCAL
LAW  ENACTED  PURSUANT  TO  THIS  ARTICLE. HOWEVER, THAT NOTHING IN THIS
SECTION SHALL PROHIBIT THE RECORDING OFFICER FROM MAKING A  NOTATION  ON
AN  INSTRUMENT EFFECTING A CONVEYANCE INDICATING THE AMOUNT OF TAX PAID.
NO RECORDED INSTRUMENT EFFECTING A  CONVEYANCE  SHALL  BE  CONSIDERED  A
RETURN FOR PURPOSES OF THIS SECTION.
  2.  THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE  OF  ANYTHING  CONTAINED  IN
THEM  IN  ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
COUNTY IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A TAX DUE
UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH  COUNTY
OR AN OFFICER OR EMPLOYEE OF SUCH COUNTY IS A PARTY OR A CLAIMANT, OR ON
BEHALF  OF ANY PARTY TO ANY ACTION OR PROCEEDING UNDER THE PROVISIONS OF
A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE WHEN THE RETURNS  OR  FACTS
SHOWN THEREBY ARE DIRECTLY INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY
OF  WHICH  EVENTS THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT
IN EVIDENCE, SO MUCH OF SAID RETURNS OR OF THE FACTS SHOWN  THEREBY,  AS
ARE PERTINENT TO THE ACTION OR PROCEEDING AND NO MORE.
  3.  NOTHING  HEREIN  SHALL  BE CONSTRUED TO PROHIBIT THE DELIVERY TO A
GRANTOR OR GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR  THE  DULY
AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
ANY  RETURN  FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE  INSPECTION  BY  THE
LEGAL  REPRESENTATIVES  OF SUCH COUNTY OF THE RETURN OF ANY TAXPAYER WHO
SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX BASED THEREON.
  4. ANY OFFICER OR EMPLOYEE OF SUCH COUNTY WHO WILLFULLY  VIOLATES  THE
PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE AND BE INCAPA-
BLE  OF  HOLDING  ANY  PUBLIC  OFFICE IN THIS STATE FOR A PERIOD OF FIVE
YEARS THEREAFTER.
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed December 31, 2015.