New York A05497 amends the tax law to clarify the exemption for cooperative housing corporations where there is no change in beneficial ownership.

New York A05497 amends the tax law to clarify the exemption for cooperative housing corporations where there is no change in beneficial ownership. The bill modifies the tax law to include conveyances to effectuate a mere change of identity or form of ownership or organization, provided there is no change in beneficial ownership. This change applies to conveyances occurring on or before the effective date of the act. The act takes effect immediately upon enactment.

New York A05497 amends the tax law to clarify the exemption for cooperative housing corporations where there is no change in beneficial ownership.

New York A05497 amends the tax law to clarify the exemption for cooperative housing corporations where there is no change in beneficial ownership. The bill modifies the tax law to include conveyances to effectuate a mere change of identity or form of ownership or organization, provided there is no change in beneficial ownership. This change applies to conveyances occurring on or before the effective date of the act. The act takes effect immediately upon enactment.