§ 1405-B. Cooperative housing corporation transfers. (a)
Notwithstanding the definition of "controlling interest" contained in
subdivision (b) of section fourteen hundred one of this article or
anything to the contrary contained in subdivision (e) of section
fourteen hundred one of this article, the tax imposed by this article
shall apply to (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
plan sponsor, and (2) the subsequent conveyance of such stock in a
cooperative 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 residential interest in real estate remaining thereon at
the time of conveyance. In determining the tax on a conveyance described
in paragraph one 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 beneficial 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 one 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 one 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 one of this subdivision.

(b) Every cooperative housing corporation shall be required to file an
information return with the commissioner of taxation and finance by July
fifteenth of each year covering the preceding period of January first
through June thirty-first 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 cooperative housing corporation as the commissioner may
deem necessary, including but not limited to, the names, addresses and
employee identification 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. The
commissioner of taxation and finance may enter into an agreement with
the chief fiscal officer of the city of New York to provide that a
single information return may be filed for purposes of the tax imposed
by this article and the real property transfer tax imposed by such city.

(c) The information contained within information returns filed under
subdivision (b) of this section may be provided by the commissioner to
local assessors for use in real property tax administration, and such
information shall not be subject to the secrecy provisions set forth in
section fourteen hundred eighteen of this chapter, provided, however,
that the commissioner shall not disclose social security numbers or
employer identification numbers.