Section 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.