Bill > A05497

This bill clarifies an existing tax law exemption related to property conveyances for cooperative housing corporations (co-ops). Specifically, the bill expands the current exemption for property transfers that do not change beneficial ownership to explicitly include situations where shares of a cooperative housing corporation are transferred to participating shareholders during a voluntary dissolution under the private housing finance law. The amendment ensures that such transfers, which represent a mere change in the identity or form of ownership of the corporation, will be treated the same as other transfers that do not substantively alter ownership. By making this clarification, the bill provides greater legal certainty for co-op shareholders and helps standardize the tax treatment of these types of organizational changes. The bill takes effect immediately and applies to applicable conveyances occurring on or before its enactment date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5497