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NY A05866

Bill

Official Source

Status

Introduced

3/7/2013

Primary Sponsor

Alec Brook-Krasny

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Amends section 1405 of the tax law to clarify exemptions for conveyances involving cooperative housing corporations
  • Extends the existing exemption for changes of identity or form of ownership to include conveyances of shares in a cooperative housing corporation to participating shareholders during voluntary dissolution under the Private Housing Finance Law
  • Requires that the voluntary dissolution effect only a mere change in identity or form of ownership with no change in beneficial ownership to qualify for the exemption
  • Takes effect immediately and applies retroactively to applicable conveyances occurring on or before the effective date

Legislative Description

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

Last Action

held for consideration in ways and means

6/17/2014

Committee Referrals

Ways and Means3/7/2013

Full Bill Text

No bill text available