Bill Text: NY A06301 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 6301

Introduced

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

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-01-03 - referred to ways and means [A06301 Detail]

Download: New_York-2023-A06301-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6301

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        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.
                                                                   LBD10278-01-3