Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 19, 2010 |
referred to rules |
Senate Bill S8446
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
2009-S8446 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Tax Law
- Laws Affected:
- Amd §1405, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S2566
2009-S8446 (ACTIVE) - Sponsor Memo
BILL NUMBER:S8446 TITLE OF BILL: An act to amend the tax law, in relation to clarifying the exemption for cooperative housing corporations where there is no change in beneficial ownership PURPOSE: This bill would clarify the exemption in the tax law for coop- erative housing corporations when there is no change in beneficial ownership. JUSTIFICATION: The intent of the Mitchell-Lama, when enacted, was to create much needed affordable housing through the use of low interest loans and reduced real estate taxes for fixed periods in order to create needed housing. Once a cooperative had repaid its government loans, it would cease to be a regulated cooperative and become standard cooper- ative. The law intended for coops to evolve out of regulation. Over the last several years, a number of cooperatives have met their obligations, and have exited the Mitchell Lama program. This process includes approval of both the NYS Division of Housing and Community Renewal and the New York State Attorney's General's office. The Mitchell Lama program is seen as one of the most cost-effective and successful housing programs ever created. Following the issuance of an advisory opinion in 2008, the NYS Depart- ment of Taxation and Finance has opened audits of the many former Mitc-
2009-S8446 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8446 I N S E N A T E July 19, 2010 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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 added 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. LBD17912-01-0
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