Senate Bill S5410B

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

                                  5410

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 18, 2011
                               ___________

Introduced  by  Sens. GALLIVAN, YOUNG -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and Government Operations

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 35 to read
as follows:
                               ARTICLE 35
                      TAX ON REAL ESTATE TRANSFERS
                       IN THE COUNTY OF LIVINGSTON
SECTION 1630-A. DEFINITIONS.
        1630-B. IMPOSITION OF TAX.
        1630-C. PAYMENT OF TAX.
        1630-D. LIABILITY FOR TAX.
        1630-E. EXEMPTIONS.
        1630-F. CREDIT.
        1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS.
        1630-H. DESIGNATION OF AGENTS.
        1630-I. LIABILITY OF RECORDING OFFICER.
        1630-J. REFUNDS.
        1630-K. DEPOSIT AND DISPOSITION OF REVENUE.
        1630-L. JUDICIAL REVIEW.
        1630-M. APPORTIONMENT.
        1630-N. MISCELLANEOUS.
        1630-O. RETURNS TO BE SECRET.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11478-02-1

              

S. 5410                             2

  S 1630-A. DEFINITIONS. WHEN USED IN  THIS  ARTICLE,  UNLESS  OTHERWISE
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

S. 5410                             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 1630-B.  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 EXCEEDS FIVE HUNDRED

S. 5410                             4

DOLLARS, AT THE RATE OF ONE DOLLAR FOR  EACH  FIVE  HUNDRED  DOLLARS  OR
FRACTIONAL  PART  THEREOF, PROVIDED, HOWEVER, THAT THE FIRST ONE HUNDRED
FIFTY THOUSAND DOLLARS OF ANY SINGLE FAMILY RESIDENCE  SHALL  BE  EXEMPT
FROM SUCH TAX. 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 CONVEYANCES 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 TREA-
SURER.
  S  1630-C.  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 SIXTEEN
HUNDRED  THIRTY-M  OF  THIS  ARTICLE,  A SUPPLEMENTAL FORM SHALL ALSO BE
REQUIRED TO BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS  AND  SUPPLE-
MENTAL  FORMS  REQUIRED  TO  BE  FILED PURSUANT TO THIS SECTION SHALL BE
PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL SUCH TREASURER OR RECORD-
ING 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 1630-D. 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 1630-E. 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

S. 5410                             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 1630-F.  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 1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1.  NOTWITHSTAND-
ING  THE  DEFINITION  OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVISION
TWO OF SECTION SIXTEEN HUNDRED THIRTY-A OF THIS ARTICLE OR  ANYTHING  TO
THE  CONTRARY  CONTAINED  IN SUBDIVISION FIVE OF SECTION SIXTEEN HUNDRED
THIRTY-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

S. 5410                             6

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 COOPER-
ATIVE  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 RESIDEN-
TIAL INTEREST IN REAL ESTATE REMAINING THEREON AT THE  TIME  OF  CONVEY-
ANCE.  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 BENEFI-
CIAL 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  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 1630-H. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
NATE  THE RECORDING OFFICER TO ACT AS ITS AGENT FOR PURPOSES OF COLLECT-
ING 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 SIXTEEN
HUNDRED THIRTY-C OF THIS ARTICLE.
  S 1630-I. 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 THE VALUE

S. 5410                             7

OF  THE  INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR HER BY
THE PERSON PAYING THE TAX.
  S  1630-J.  REFUNDS.  WHENEVER  THE TREASURER SHALL DETERMINE THAT ANY
MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW  ENACTED  PURSUANT
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 1630-K. 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 1630-L. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
ANY  TAX  PAYABLE UNDER SECTION SIXTEEN HUNDRED THIRTY-C OF THIS ARTICLE
SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY 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 SUPERINTENDENT 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 PROSECUTION 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 APPLI-
CATION.
  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

S. 5410                             8

CONFIRMED, THE PETITIONER WILL PAY  ALL  COSTS  AND  CHARGES  WHICH  MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
  S 1630-M. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
OF  THE COUNTY OF LIVINGSTON SHALL PROVIDE FOR A METHOD OF APPORTIONMENT
FOR DETERMINING THE AMOUNT OF TAX DUE  WHENEVER  THE  REAL  PROPERTY  OR
INTEREST  THEREIN  IS  SITUATED WITHIN AND WITHOUT THE COUNTY OF LIVING-
STON.
  S 1630-N. 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  CONCERNING
THE  DETERMINATION  OF  TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS
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  1630-O.  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 INDEPENDENT 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.

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

                                 5410--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 18, 2011
                               ___________

Introduced  by  Sens. GALLIVAN, YOUNG -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and  Government  Operations  --  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 35  to  read
as follows:
                               ARTICLE 35
                      TAX ON REAL ESTATE TRANSFERS
                       IN THE COUNTY OF LIVINGSTON
SECTION 1630-A. DEFINITIONS.
        1630-B. IMPOSITION OF TAX.
        1630-C. PAYMENT OF TAX.
        1630-D. LIABILITY FOR TAX.
        1630-E. EXEMPTIONS.
        1630-F. CREDIT.
        1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS.
        1630-H. DESIGNATION OF AGENTS.
        1630-I. LIABILITY OF RECORDING OFFICER.
        1630-J. REFUNDS.
        1630-K. DEPOSIT AND DISPOSITION OF REVENUE.
        1630-L. JUDICIAL REVIEW.
        1630-M. APPORTIONMENT.
        1630-N. MISCELLANEOUS.
        1630-O. RETURNS TO BE SECRET.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11478-03-1
              

S. 5410--A                          2

  S  1630-A.  DEFINITIONS.  WHEN  USED IN THIS ARTICLE, UNLESS OTHERWISE
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

S. 5410--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 1630-B.  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 EXCEEDS FIVE HUNDRED

S. 5410--A                          4

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 CONVEYANCES 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 1630-C. 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 SIXTEEN
HUNDRED THIRTY-M OF THIS ARTICLE, A  SUPPLEMENTAL  FORM  SHALL  ALSO  BE
REQUIRED  TO  BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS AND SUPPLE-
MENTAL FORMS REQUIRED TO BE FILED PURSUANT  TO  THIS  SECTION  SHALL  BE
PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL SUCH TREASURER OR RECORD-
ING 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 1630-D. 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 1630-E. 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
CORPORATION CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER  STATE
OR THE DOMINION OF CANADA).

S. 5410--A                          5

  (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 1630-F.  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 1630-G. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1.  NOTWITHSTAND-
ING THE DEFINITION OF "CONTROLLING INTEREST"  CONTAINED  IN  SUBDIVISION
TWO  OF  SECTION SIXTEEN HUNDRED THIRTY-A OF THIS ARTICLE OR ANYTHING TO
THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF  SECTION  SIXTEEN  HUNDRED
THIRTY-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

S. 5410--A                          6

SPONSOR, AND (B) THE SUBSEQUENT CONVEYANCE OF SUCH STOCK  IN  A  COOPER-
ATIVE  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 RESIDEN-
TIAL INTEREST IN REAL ESTATE REMAINING THEREON AT THE  TIME  OF  CONVEY-
ANCE.  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 BENEFI-
CIAL 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  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 1630-H. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
NATE  THE RECORDING OFFICER TO ACT AS ITS AGENT FOR PURPOSES OF COLLECT-
ING 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 SIXTEEN
HUNDRED THIRTY-C OF THIS ARTICLE.
  S 1630-I. 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 THE VALUE
OF  THE  INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR HER BY
THE PERSON PAYING THE TAX.

S. 5410--A                          7

  S 1630-J. REFUNDS. WHENEVER THE TREASURER  SHALL  DETERMINE  THAT  ANY
MONEYS  RECEIVED  UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT
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 1630-K. 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 1630-L. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
ANY  TAX  PAYABLE UNDER SECTION SIXTEEN HUNDRED THIRTY-C OF THIS ARTICLE
SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY 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 SUPERINTENDENT 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 PROSECUTION 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 APPLI-
CATION.
  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
CONFIRMED, THE PETITIONER WILL PAY  ALL  COSTS  AND  CHARGES  WHICH  MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.

S. 5410--A                          8

  S 1630-M. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
OF  THE COUNTY OF LIVINGSTON SHALL PROVIDE FOR A METHOD OF APPORTIONMENT
FOR DETERMINING THE AMOUNT OF TAX DUE  WHENEVER  THE  REAL  PROPERTY  OR
INTEREST  THEREIN  IS  SITUATED WITHIN AND WITHOUT THE COUNTY OF LIVING-
STON.
  S 1630-N. 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 CONCERNING
THE DETERMINATION OF TAX, THE IMPOSITION OF  INTEREST  ON  UNDERPAYMENTS
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 1630-O. 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 INDEPENDENT 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.