1438-G - Cooperative housing corporation transfers.

* §    1438-g.   Cooperative   housing   corporation   transfers.   1.  Notwithstanding the definition of "controlling  interest"  contained  in  subdivision  two  of  section  fourteen  hundred  thirty-eight-a of this  article or anything to the contrary contained  in  subdivision  five  of  section fourteen hundred thirty-eight-a 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  conveyance  of  such  stock  in  a  cooperative  housing  corporation in  connection with the grant or transfer of a proprietary leasehold by  the  owner  thereof. With respect to any such subsequent conveyance where the  property 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 property 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 resulting 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  cooperative housing corporation as the  treasurer  may  deem  necessary,  including,  but  not  limited  to,  the  names,  addresses  and employee  identification 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.    * NB Repealed December 31, 2026