New York A 5497: Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership

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A05497 Summary:

BILL NOA05497 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBrook-Krasny

&nbsp

COSPNSRNovakhov, Brabenec, McDonough

&nbsp

MLTSPNSR

&nbsp

Amd §1405, Tax L

&nbsp

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

Go to top A05497 Actions:

BILL NOA05497 

&nbsp

02/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA05497 Committee&nbspVotes:

Go to topA05497 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05497 Text:

 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

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