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Assembly Bill A5497

2025-2026 Legislative Session

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

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2025-A5497 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §1405, Tax L
Versions Introduced in 2023-2024 Legislative Session:
A6301

2025-A5497 (ACTIVE) - Summary

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

2025-A5497 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5497
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2025
                                ___________
 
 Introduced  by M. of A. BROOK-KRASNY, NOVAKHOV -- read once and referred
   to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to clarifying the exemption for
   cooperative housing corporations where there is no change  in  benefi-
   cial ownership

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 6 of subdivision (b) of section 1405 of  the  tax
 law, as amended 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;
   § 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.
                                                            LBD09207-01-5

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