Assembly Bill A7861A

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

                                 7861--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2011
                               ___________

Introduced  by M. of A. BURLING -- read once and referred to the Commit-
  tee on Ways and Means -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend the tax law, in relation to authorizing an additional
  real estate transfer tax within the county of Livingston and authoriz-
  ing such county to expend such real estate transfer tax  on  necessary
  county  services; and providing for the repeal of such provisions upon
  expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The tax law is amended by adding a new article 31-H to read
as follows:
                              ARTICLE 31-H
                      TAX ON REAL ESTATE TRANSFERS
                       IN THE COUNTY OF LIVINGSTON
SECTION 1449-AAAAAA. DEFINITIONS.
        1449-BBBBBB. IMPOSITION OF TAX.
        1449-CCCCCC. PAYMENT OF TAX.
        1449-DDDDDD. LIABILITY FOR TAX.
        1449-EEEEEE. EXEMPTIONS.
        1449-FFFFFF. CREDIT.
        1449-GGGGGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.
        1449-HHHHHH. DESIGNATION OF AGENTS.
        1449-IIIIII. LIABILITY OF RECORDING OFFICER.
        1449-JJJJJJ. REFUNDS.
        1449-KKKKKK. DEPOSIT AND DISPOSITION OF REVENUE.
        1449-LLLLLL. JUDICIAL REVIEW.
        1449-MMMMMM. APPORTIONMENT.
        1449-NNNNNN. MISCELLANEOUS.
        1449-OOOOOO. RETURNS TO BE SECRET.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11478-06-1

              

A. 7861--A                          2

  S  1449-AAAAAA.  DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHER-
WISE EXPRESSLY STATED:
  1.  "PERSON"  MEANS  AN INDIVIDUAL, PARTNERSHIP, SOCIETY, ASSOCIATION,
JOINT STOCK COMPANY, CORPORATION, ESTATE, RECEIVER,  TRUSTEE,  ASSIGNEE,
REFEREE  OR  ANY  OTHER  PERSON  ACTING IN A FIDUCIARY OR REPRESENTATIVE
CAPACITY, WHETHER APPOINTED BY A COURT OR OTHERWISE, ANY COMBINATION  OF
INDIVIDUALS,  AND  ANY  OTHER FORM OF UNINCORPORATED ENTERPRISE OWNED OR
CONDUCTED BY TWO OR MORE PERSONS.
  2. "CONTROLLING INTEREST" MEANS (A) IN  THE  CASE  OF  A  CORPORATION,
EITHER  FIFTY  PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR  MORE  OF  THE
CAPITAL,  PROFITS  OR  BENEFICIAL  INTEREST IN SUCH VOTING STOCK OF SUCH
CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS  OR  BENEFI-
CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
  3.  "REAL  PROPERTY"  MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR  HEREDI-
TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
WHICH  ARE  LOCATED IN WHOLE OR IN PART WITHIN THE COUNTY OF LIVINGSTON.
IT SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
  4. "CONSIDERATION" MEANS THE PRICE ACTUALLY PAID  OR  REQUIRED  TO  BE
PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
OPTION  OR  CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
IN THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY,  PROPERTY,
OR  ANY  OTHER  THING  OF  VALUE.  IT  SHALL INCLUDE THE CANCELLATION OR
DISCHARGE OF AN INDEBTEDNESS OR OBLIGATION. IT SHALL  ALSO  INCLUDE  THE
AMOUNT  OF  ANY  MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN OR OTHER ENCUM-
BRANCE, WHETHER OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED  OR  TAKEN
SUBJECT TO.
  (A)  IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE GRANTING
OF AN OPTION WITH USE AND  OCCUPANCY  OF  REAL  PROPERTY,  CONSIDERATION
SHALL  INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND OTHER
PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL  PROPERTY  OR
INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
OR  RENEW  AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE
EXERCISE OF ANY OPTION TO RENEW.
  (B) IN THE CASE OF A CREATION OF A  SUBLEASEHOLD  INTEREST,  CONSIDER-
ATION  SHALL  INCLUDE,  BUT NOT BE LIMITED TO, THE VALUE OF THE SUBLEASE
RENTAL PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL  PROP-
ERTY,  THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE VALUE
OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF  ANY  OPTION
TO  RENEW  LESS  THE  VALUE OF THE REMAINING PRIME LEASE RENTAL PAYMENTS
REQUIRED TO BE MADE.
  (C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
PROPERTY, CONSIDERATION SHALL MEAN THE FAIR MARKET  VALUE  OF  THE  REAL
PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
  (D)  IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD INTEREST
OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
PROPERTY, CONSIDERATION SHALL NOT INCLUDE THE  VALUE  OF  THE  REMAINING
RENTAL  PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH LEASE
OR THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS  OF
THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
  (E) IN THE CASE OF (1) 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

A. 7861--A                          3

PLAN  SPONSOR  AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF OF
SUCH STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION  WITH  THE
GRANT  OR  TRANSFER  OF  A  PROPRIETARY LEASEHOLD FOR A COOPERATIVE UNIT
OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
PROPORTIONATE  SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING  THE  COOPER-
ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
ATOR  OF  WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
THE COOPERATIVE HOUSING CORPORATION IN  CONNECTION  WITH  THE  GRANT  OR
TRANSFER  OF  A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
RATION.
  5. "CONVEYANCE" MEANS THE TRANSFER OR TRANSFERS  OF  ANY  INTEREST  IN
REAL  PROPERTY  BY  ANY  METHOD,  INCLUDING  BUT  NOT  LIMITED TO, SALE,
EXCHANGE, ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN  LIEU
OF  FORECLOSURE,  OPTION,  TRUST  INDENTURE,  TAKING  BY EMINENT DOMAIN,
CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
TY. TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE  CREATION
OF  A  LEASEHOLD  OR  SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE
LEASE OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE  YEARS,
(B)  SUBSTANTIAL  CAPITAL  IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE
BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
SUBSTANTIALLY ALL  OF  THE  PREMISES  CONSTITUTING  THE  REAL  PROPERTY.
NOTWITHSTANDING  THE  FOREGOING,  CONVEYANCE  OF REAL PROPERTY SHALL NOT
INCLUDE THE CREATION,  MODIFICATION,  EXTENSION,  SPREADING,  SEVERANCE,
CONSOLIDATION,  ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORT-
GAGE; A MORTGAGE SUBORDINATION AGREEMENT, A  MORTGAGE  SEVERANCE  AGREE-
MENT,  AN INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR
A RELEASE OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVEN-
UE CODE.
  6. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A  LEASEHOLD
INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
SPACE  AND  AIR  RIGHTS,  OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO  RECEIVE  RENTS,  PROFITS  OR
OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
OR  CONTRACT  TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
FIRST REFUSAL TO PURCHASE REAL PROPERTY.
  7. "GRANTOR" MEANS THE PERSON MAKING THE CONVEYANCE OF  REAL  PROPERTY
OR  INTEREST  THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN  INTEREST  IN
REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
ERTY  OR  A  SHAREHOLDER  OR  PARTNER  TRANSFERRING STOCK OR PARTNERSHIP
INTEREST.
  8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL  PROPERTY  OR  INTEREST
THEREIN AS A RESULT OF A CONVEYANCE.
  9. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF LIVING-
STON.
  10.  "TREASURER"  MEANS  THE  COMMISSIONER OF FINANCE OF THE COUNTY OF
LIVINGSTON.
  S  1449-BBBBBB.    IMPOSITION  OF  TAX.  NOTWITHSTANDING   ANY   OTHER
PROVISIONS  OF  LAW  TO  THE  CONTRARY, THE COUNTY OF LIVINGSTON, ACTING
THROUGH ITS LOCAL LEGISLATIVE BODY, IS HEREBY AUTHORIZED  AND  EMPOWERED
TO  ADOPT  AND  AMEND  LOCAL  LAWS IMPOSING IN SUCH COUNTY A TAX ON EACH
CONVEYANCE OF REAL PROPERTY OR INTEREST THEREIN WHEN  THE  CONSIDERATION

A. 7861--A                          4

EXCEEDS  FIVE  HUNDRED  DOLLARS, AT THE RATE OF ONE DOLLAR FOR EACH FIVE
HUNDRED DOLLARS OR FRACTIONAL PART THEREOF. SUCH LOCAL LAW  SHALL  APPLY
TO  ANY  CONVEYANCE OCCURRING ON OR AFTER THE FIRST DAY OF A MONTH TO BE
DESIGNATED  BY  SUCH LEGISLATIVE BODY, WHICH IS NOT LESS THAN SIXTY DAYS
AFTER THE ENACTMENT OF SUCH LOCAL LAWS, BUT SHALL NOT APPLY  TO  CONVEY-
ANCES  MADE  ON OR AFTER SUCH DATE PURSUANT TO BINDING WRITTEN CONTRACTS
ENTERED INTO PRIOR TO SUCH DATE, PROVIDED THAT THE DATE OF EXECUTION  OF
SUCH CONTRACT IS CONFIRMED BY INDEPENDENT EVIDENCE SUCH AS THE RECORDING
OF  THE  CONTRACT, PAYMENT OF A DEPOSIT OR OTHER FACTS AND CIRCUMSTANCES
AS DETERMINED BY THE TREASURER.
  S 1449-CCCCCC. PAYMENT OF TAX. 1. THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
OFFICER ACTING AS THE AGENT OF THE TREASURER UPON  DESIGNATION  AS  SUCH
AGENT  BY  THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE
REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF  THIS  CHAPTER
IS  REQUIRED  TO  BE  PAID.  SUCH  TREASURER  OR RECORDING OFFICER SHALL
ENDORSE UPON EACH DEED OR INSTRUMENT EFFECTING A  CONVEYANCE  A  RECEIPT
FOR THE AMOUNT OF THE TAX SO PAID.
  2.  A  RETURN  SHALL  BE  REQUIRED  TO BE FILED WITH SUCH TREASURER OR
RECORDING OFFICER FOR PURPOSES OF THE REAL ESTATE TRANSFER  TAX  IMPOSED
PURSUANT  TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO BE
FILED FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX  IMPOSED  BY  ARTICLE
THIRTY-ONE  OF THIS CHAPTER. THE RETURN, FOR PURPOSES OF THE REAL ESTATE
TRANSFER TAX IMPOSED PURSUANT TO THIS ARTICLE, SHALL BE A  PHOTOCOPY  OR
CARBON  COPY OF THE REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED
PURSUANT TO SECTION FOURTEEN HUNDRED NINE OF  THIS  CHAPTER.    HOWEVER,
WHEN  AN  APPORTIONMENT IS REQUIRED TO BE MADE PURSUANT TO SECTION FOUR-
TEEN HUNDRED FORTY-NINE-MMMMMM OF  THIS  ARTICLE,  A  SUPPLEMENTAL  FORM
SHALL ALSO BE REQUIRED TO BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS
AND  SUPPLEMENTAL  FORMS  REQUIRED  TO BE FILED PURSUANT TO THIS SECTION
SHALL BE PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL  SUCH  TREASURER
OR RECORDING OFFICER ORDERS THEM TO BE DESTROYED.
  3.  THE  RECORDING  OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
THE TAX IMPOSED PURSUANT  TO  THIS  ARTICLE  SHALL  HAVE  BEEN  PAID  AS
PROVIDED IN THIS SECTION.
  S  1449-DDDDDD.  LIABILITY  FOR TAX.   1. THE REAL ESTATE TRANSFER TAX
SHALL BE PAID BY THE GRANTOR. IF THE GRANTOR HAS FAILED TO PAY  THE  TAX
IMPOSED  PURSUANT  TO THIS ARTICLE OR IF THE GRANTOR IS EXEMPT FROM SUCH
TAX, THE GRANTEE SHALL HAVE THE DUTY TO PAY THE TAX. WHERE  THE  GRANTEE
HAS  THE DUTY TO PAY THE TAX BECAUSE THE GRANTOR HAS FAILED TO PAY, SUCH
TAX SHALL BE THE JOINT AND SEVERAL LIABILITY  OF  THE  GRANTOR  AND  THE
GRANTEE.
  2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
PREVENT  EVASION OF THE TAX HEREBY AUTHORIZED, IT SHALL BE PRESUMED THAT
ALL CONVEYANCES ARE TAXABLE.  WHERE THE CONSIDERATION INCLUDES  PROPERTY
OTHER  THAN  MONEY,  IT  SHALL BE PRESUMED THAT THE CONSIDERATION IS THE
FAIR MARKET VALUE OF  THE  REAL  PROPERTY  OR  INTEREST  THEREIN.  THESE
PRESUMPTIONS  SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
TAX.
  S 1449-EEEEEE. EXEMPTIONS. 1.  THE  FOLLOWING  SHALL  BE  EXEMPT  FROM
PAYMENT OF THE REAL ESTATE TRANSFER TAX:
  (A)  THE STATE OF NEW YORK, OR ANY OF ITS AGENCIES, INSTRUMENTALITIES,
POLITICAL SUBDIVISIONS,  OR  PUBLIC  CORPORATIONS  (INCLUDING  A  PUBLIC

A. 7861--A                          5

CORPORATION  CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
OR THE DOMINION OF CANADA).
  (B)  THE  UNITED  NATIONS, THE UNITED STATES OF AMERICA AND ANY OF ITS
AGENCIES AND INSTRUMENTALITIES.
  THE EXEMPTION OF SUCH GOVERNMENTAL BODIES OR PERSONS SHALL NOT, HOWEV-
ER, RELIEVE A GRANTEE FROM THEM OF LIABILITY FOR THE TAX.
  2. THE TAX SHALL NOT APPLY TO ANY OF THE FOLLOWING CONVEYANCES:
  (A) CONVEYANCES TO THE UNITED NATIONS, THE UNITED STATES  OF  AMERICA,
THE  STATE  OF  NEW YORK, OR ANY OF THEIR INSTRUMENTALITIES, AGENCIES OR
POLITICAL SUBDIVISIONS (OR ANY PUBLIC CORPORATION,  INCLUDING  A  PUBLIC
CORPORATION  CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
OR THE DOMINION OF CANADA);
  (B) CONVEYANCES WHICH ARE OR WERE USED TO SECURE A DEBT OR OTHER OBLI-
GATION;
  (C) CONVEYANCES  WHICH,  WITHOUT  ADDITIONAL  CONSIDERATION,  CONFIRM,
CORRECT, MODIFY OR SUPPLEMENT A PRIOR CONVEYANCE;
  (D)  CONVEYANCES  OF REAL PROPERTY WITHOUT CONSIDERATION AND OTHERWISE
THAN IN CONNECTION WITH A SALE, INCLUDING CONVEYANCES  CONVEYING  REALTY
AS BONA FIDE GIFTS;
  (E) CONVEYANCES GIVEN IN CONNECTION WITH A TAX SALE;
  (F)  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;
  (G) CONVEYANCES WHICH CONSIST OF A DEED OF PARTITION;
  (H) CONVEYANCES GIVEN PURSUANT TO THE FEDERAL BANKRUPTCY ACT;
  (I)  CONVEYANCES  OF REAL PROPERTY WHICH CONSIST OF THE EXECUTION OF A
CONTRACT TO SELL REAL PROPERTY WITHOUT THE  USE  OR  OCCUPANCY  OF  SUCH
PROPERTY  OR THE GRANTING OF AN OPTION TO PURCHASE REAL PROPERTY WITHOUT
THE USE OR OCCUPANCY OF SUCH PROPERTY; AND
  (J) CONVEYANCES OF AN OPTION OR CONTRACT  TO  PURCHASE  REAL  PROPERTY
WITH  THE  USE  OR OCCUPANCY OF SUCH PROPERTY WHERE THE CONSIDERATION IS
LESS THAN TWO HUNDRED THOUSAND DOLLARS AND SUCH PROPERTY WAS USED SOLELY
BY THE GRANTOR AS HIS PERSONAL RESIDENCE AND CONSISTS OF A ONE,  TWO  OR
THREE-FAMILY  HOUSE,  AN  INDIVIDUAL RESIDENTIAL CONDOMINIUM UNIT OR THE
SALE OF STOCK IN A COOPERATIVE HOUSING CORPORATION  IN  CONNECTION  WITH
THE  GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD COVERING AN INDIVIDUAL
RESIDENTIAL COOPERATIVE UNIT.
  S 1449-FFFFFF.  CREDIT. A GRANTOR SHALL BE ALLOWED  A  CREDIT  AGAINST
THE  TAX DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS PAID
BY SUCH GRANTOR ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR  A  PORTION
OF THE SAME REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
PURCHASE  ALL  OR  A PORTION OF THE SAME REAL PROPERTY, BY SUCH GRANTOR.
SUCH CREDIT SHALL BE  COMPUTED  BY  MULTIPLYING  THE  TAX  PAID  ON  THE
CREATION  OF  THE LEASEHOLD OR ON THE GRANTING OF THE OPTION OR CONTRACT
BY A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE  CONSIDERATION
USED  TO  COMPUTE  SUCH TAX PAID WHICH IS NOT YET DUE TO SUCH GRANTOR ON
THE DATE OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR  WILL  NOT
BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
  S 1449-GGGGGG. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1.  NOTWITH-
STANDING  THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVI-
SION TWO OF SECTION FOURTEEN HUNDRED FORTY-NINE-AAAAAA OF  THIS  ARTICLE
OR  ANYTHING  TO  THE  CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION
FOURTEEN HUNDRED FORTY-NINE-AAAAAA OF  THIS  ARTICLE,  THE  TAX  IMPOSED
PURSUANT  TO  THIS ARTICLE SHALL APPLY TO (A) THE ORIGINAL CONVEYANCE OF

A. 7861--A                          6

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  CONVEY-
ANCE  OF  SUCH  STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION
WITH THE GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD BY THE OWNER THER-
EOF. 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 PROP-
ERTY 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 RESULT-
ING 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  COOPER-
ATIVE  HOUSING  CORPORATION AS THE TREASURER MAY DEEM NECESSARY, INCLUD-
ING, BUT NOT LIMITED TO, THE NAMES, ADDRESSES AND  EMPLOYEE  IDENTIFICA-
TION  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.
  S  1449-HHHHHH.  DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO
DESIGNATE THE RECORDING OFFICER TO ACT AS  ITS  AGENT  FOR  PURPOSES  OF
COLLECTING  THE  TAX  AUTHORIZED  BY  THIS  ARTICLE. THE TREASURER SHALL
PROVIDE FOR THE MANNER IN WHICH SUCH PERSON MAY  BE  DESIGNATED  AS  ITS
AGENT  SUBJECT  TO  SUCH TERMS AND CONDITIONS AS IT SHALL PRESCRIBE. THE
REAL ESTATE TRANSFER TAX SHALL BE PAID TO  SUCH  AGENT  AS  PROVIDED  IN
SECTION FOURTEEN HUNDRED FORTY-NINE-CCCCCC OF THIS ARTICLE.
  S  1449-IIIIII.  LIABILITY  OF  RECORDING OFFICER. A RECORDING OFFICER
SHALL NOT BE LIABLE FOR ANY INACCURACY IN  THE  AMOUNT  OF  TAX  IMPOSED
PURSUANT  TO  THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS HE OR
SHE SHALL COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR

A. 7861--A                          7

THE VALUE OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED  TO  HIM
OR HER BY THE PERSON PAYING THE TAX.
  S  1449-JJJJJJ.  REFUNDS.  WHENEVER THE TREASURER SHALL DETERMINE THAT
ANY MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSU-
ANT TO THIS ARTICLE WERE PAID IN ERROR, IT MAY CAUSE SUCH MONEYS  TO  BE
REFUNDED  PURSUANT  TO  SUCH  RULES  AND  REGULATIONS  IT MAY PRESCRIBE,
PROVIDED ANY APPLICATION FOR SUCH REFUND IS  FILED  WITH  THE  TREASURER
WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
  S 1449-KKKKKK. DEPOSIT AND DISPOSITION OF REVENUE. ALL TAXES COLLECTED
OR  RECEIVED  BY THE TREASURER OR HIS OR HER DULY AUTHORIZED AGENT UNDER
THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT TO THIS  ARTICLE  SHALL
BE DEPOSITED IN ACCORDANCE WITH PROVISIONS OF A LOCAL LAW ADOPTED BY THE
LEGISLATIVE  BODY  OF  THE  COUNTY  OF  LIVINGSTON WHICH LOCAL LAW SHALL
DESIGNATE PROPER OFFICERS TO  BE  RESPONSIBLE  FOR  DEPOSIT  OF  REVENUE
COLLECTED  OR  RECEIVED  UNDER  THIS  ARTICLE. SUCH LOCAL LAW SHALL ALSO
PROVIDE THAT ANY OFFICER DESIGNATED TO COLLECT, RECEIVE, OR DEPOSIT SUCH
REVENUE  SHALL  MAINTAIN  A  SYSTEM  OF  ACCOUNTS  SHOWING  THE  REVENUE
COLLECTED  OR  RECEIVED  FROM  THE TAX IMPOSED PURSUANT TO THIS ARTICLE.
SUCH LOCAL LAW SHALL ALSO PROVIDE THAT  ALL  REVENUE  DERIVED  FROM  THE
IMPOSITION  OF  SUCH TAX SHALL BE DEPOSITED INTO THE GENERAL FUND OF THE
COUNTY OF LIVINGSTON.
  S 1449-LLLLLL. JUDICIAL REVIEW. 1.  ANY  FINAL  DETERMINATION  OF  THE
AMOUNT   OF   ANY   TAX   PAYABLE   UNDER   SECTION   FOURTEEN   HUNDRED
FORTY-NINE-CCCCCC OF THIS ARTICLE SHALL BE REVIEWABLE FOR  ERROR,  ILLE-
GALITY  OR  UNCONSTITUTIONALITY  OR  ANY  OTHER  REASON  WHATSOEVER BY A
PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE  CIVIL  PRACTICE  LAW  AND
RULES  IF  APPLICATION THEREFOR IS MADE TO THE SUPREME COURT WITHIN FOUR
MONTHS AFTER THE GIVING OF  THE  NOTICE  OF  SUCH  FINAL  DETERMINATION,
PROVIDED,  HOWEVER, THAT ANY SUCH PROCEEDING UNDER ARTICLE SEVENTY-EIGHT
OF THE CIVIL PRACTICE LAW AND RULES SHALL NOT BE INSTITUTED  UNLESS  (A)
THE  AMOUNT  OF  ANY  TAX  SOUGHT TO BE REVIEWED, WITH SUCH INTEREST AND
PENALTIES THEREON AS MAY BE PROVIDED FOR BY LOCAL  LAW  SHALL  BE  FIRST
DEPOSITED  AND THERE IS FILED AN UNDERTAKING, ISSUED BY A SURETY COMPANY
AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE AND APPROVED BY THE SUPER-
INTENDENT OF INSURANCE OF THIS STATE AS TO SOLVENCY AND  RESPONSIBILITY,
IN  SUCH  AMOUNT  AS A JUSTICE OF THE SUPREME COURT SHALL APPROVE TO THE
EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR  THE  TAX  CONFIRMED  THE
PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY ACCRUE IN THE PROSE-
CUTION  OF  SUCH PROCEEDING OR (B) AT THE OPTION OF THE PETITIONER, SUCH
UNDERTAKING MAY BE IN A SUM SUFFICIENT TO COVER THE TAXES, INTEREST  AND
PENALTIES STATED IN SUCH DETERMINATION, PLUS THE COSTS AND CHARGES WHICH
MAY  ACCRUE  AGAINST  IT  IN THE PROSECUTION OF THE PROCEEDING, IN WHICH
EVENT THE PETITIONER SHALL NOT BE REQUIRED TO PAY SUCH  TAXES,  INTEREST
OR PENALTIES AS A CONDITION PRECEDENT TO THE APPLICATION.
  2.  WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED  AND  APPLICATION  FOR
THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
OFFICERS,  AND  SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE  REVIEWABLE
BY  A  PROCEEDING  UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
AND RULES; PROVIDED, HOWEVER, THAT (A)  SUCH  PROCEEDING  IS  INSTITUTED
WITHIN  FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B) A
FINAL DETERMINATION OF TAX DUE WAS  NOT  PREVIOUSLY  MADE,  AND  (C)  AN
UNDERTAKING  IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE  SUPREME  COURT  SHALL
APPROVE  TO  THE  EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX

A. 7861--A                          8

CONFIRMED, THE PETITIONER WILL PAY  ALL  COSTS  AND  CHARGES  WHICH  MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
  S 1449-MMMMMM. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE
BODY  OF  THE  COUNTY OF LIVINGSTON SHALL PROVIDE FOR A METHOD OF APPOR-
TIONMENT FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPER-
TY OR INTEREST THEREIN IS SITUATED WITHIN  AND  WITHOUT  THE  COUNTY  OF
LIVINGSTON.
  S 1449-NNNNNN. MISCELLANEOUS. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE
BODY  OF  THE  COUNTY OF LIVINGSTON MAY CONTAIN SUCH OTHER PROVISIONS AS
SUCH LEGISLATIVE BODY DEEMS NECESSARY FOR THE PROPER  ADMINISTRATION  OF
THE  TAX IMPOSED PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERN-
ING THE DETERMINATION OF TAX, THE IMPOSITION OF  INTEREST  ON  UNDERPAY-
MENTS  AND  OVERPAYMENTS  AND  THE IMPOSITION OF CIVIL PENALTIES.   SUCH
PROVISIONS SHALL BE IDENTICAL TO THE  CORRESPONDING  PROVISIONS  OF  THE
REAL  ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER,
SO FAR AS SUCH PROVISIONS CAN BE MADE  APPLICABLE  TO  THE  TAX  IMPOSED
PURSUANT TO THIS ARTICLE.
  S  1449-OOOOOO.  RETURNS  TO  BE  SECRET. 1. EXCEPT IN ACCORDANCE WITH
PROPER JUDICIAL ORDER OR AS OTHERWISE  PROVIDED  BY  LAW,  IT  SHALL  BE
UNLAWFUL  FOR  THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OF
LIVINGSTON OR ANY PERSON ENGAGED OR RETAINED BY SUCH COUNTY ON AN  INDE-
PENDENT  CONTRACT  BASIS  TO  DIVULGE  OR  MAKE  KNOWN IN ANY MANNER THE
PARTICULARS SET FORTH OR DISCLOSED IN ANY RETURN REQUIRED UNDER A  LOCAL
LAW  ENACTED  PURSUANT  TO  THIS  ARTICLE. HOWEVER, THAT NOTHING IN THIS
SECTION SHALL PROHIBIT THE RECORDING OFFICER FROM MAKING A  NOTATION  ON
AN  INSTRUMENT EFFECTING A CONVEYANCE INDICATING THE AMOUNT OF TAX PAID.
NO RECORDED INSTRUMENT EFFECTING A  CONVEYANCE  SHALL  BE  CONSIDERED  A
RETURN FOR PURPOSES OF THIS SECTION.
  2.  THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE  OF  ANYTHING  CONTAINED  IN
THEM  IN  ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
COUNTY IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A TAX DUE
UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH  COUNTY
OR AN OFFICER OR EMPLOYEE OF SUCH COUNTY IS A PARTY OR A CLAIMANT, OR ON
BEHALF  OF ANY PARTY TO ANY ACTION OR PROCEEDING UNDER THE PROVISIONS OF
A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE WHEN THE RETURNS  OR  FACTS
SHOWN THEREBY ARE DIRECTLY INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY
OF  WHICH  EVENTS THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT
IN EVIDENCE, SO MUCH OF SAID RETURNS OR OF THE FACTS SHOWN  THEREBY,  AS
ARE PERTINENT TO THE ACTION OR PROCEEDING AND NO MORE.
  3.  NOTHING  HEREIN  SHALL  BE CONSTRUED TO PROHIBIT THE DELIVERY TO A
GRANTOR OR GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR  THE  DULY
AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
ANY  RETURN  FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE  INSPECTION  BY  THE
LEGAL  REPRESENTATIVES  OF SUCH COUNTY OF THE RETURN OF ANY TAXPAYER WHO
SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX BASED THEREON.
  4. ANY OFFICER OR EMPLOYEE OF SUCH COUNTY WHO WILLFULLY  VIOLATES  THE
PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE AND BE INCAPA-
BLE  OF  HOLDING  ANY  PUBLIC  OFFICE IN THIS STATE FOR A PERIOD OF FIVE
YEARS THEREAFTER.
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed December 31, 2013.