1996/016 — In relation to making permanent the release of a cooperative housing corporation and certain other grantees from liability as grantee for real property transfer …

L.L. 1996/016

Enactment date: 2/20/1996 Int. No. 629-A By the Speaker (Council Member Vallone), Council Members Berman, Pinkett, Lasher, Spigner, Leffler, Eisland, Robles, McCaffrey, Stabile and Fusco (by the request of the Queens Borough President); also Council Members Koslowitz, Povman, Sabini, Wooten and Marshall A Local Law to amend the administrative code of the city of New York in relation to making permanent the release of a cooperative housing corporation and certain other grantees from liability as grantee for real property transfer tax due from the grantor with respect to a transfer resulting from certain actions to enforce a lien or other rights Be it enacted by the Council as follows: * * * [Consolidated provisions are not included in this Appendix A] * * * § 2. If the exemption from grantee liability provided for in section one of this local law is adjudged by any court of competent jurisdiction to be unconstitutional or otherwise invalid, such judgment shall not result in the extension of such exemption to any person not specifically exempted pursuant to such section one; in the event of such judgment, liability for the tax imposed under chapter 21 of title 11 of the administrative code of the city of New York with respect to any transfer described in such section one shall be determined and enforced as if this local law had not been enacted. § 3. This local law shall take effect immediately and shall be deemed to have been in full force and effect on December 7, 1992.