Assembly Bill A3916

2011-2012 Legislative Session

Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A3916 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1405, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A5866
2015-2016: A4111

2011-A3916 (ACTIVE) - Summary

Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership.

2011-A3916 (ACTIVE) - Bill Text download pdf 

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

                                  3916

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 31, 2011
                               ___________

Introduced  by  M.  of  A. BROOK-KRASNY -- 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:

  Section 1. Paragraph 6 of subdivision (b) of section 1405 of  the  tax
law, as amended by chapter 61 of the laws of 1989, is amended to read as
follows:
  6.  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,
PROVIDED, HOWEVER, THE CONVEYANCE OF SHARES  OF  A  COOPERATIVE  HOUSING
CORPORATION TO PARTICIPATING SHAREHOLDERS AS PART OF A VOLUNTARY DISSOL-
UTION  UNDER  THE  PRIVATE HOUSING FINANCE LAW IN WHICH SUCH DISSOLUTION
EFFECTS ONLY A MERE CHANGE IN THE IDENTITY OR FORM OF OWNERSHIP OF  SUCH
CORPORATION SHALL BE INCLUDED IN THIS EXEMPTION;
  S 2. This act shall take effect immediately, and shall be deemed to be
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

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