N.Y.C. Admin. Code § L.L. 1989/058: L.L. 1989/058

Enactment date: 7/25/1989

Int. No. 1273-A

By Council Member DeMarco (By request of the Mayor) (Amended June 30, 1989) (Passed under a message of necessity from the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to extending the coverage of the real property transfer tax imposed by chapter 21 of title 11 of such code to certain additional transfers of shares of stock or interests in a real estate cooperative

Be it enacted by the Council as follows:

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[Consolidated provisions are not included in this Appendix A]

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§ 5. If any item, clause, sentence, subparagraph, subdivision, section or other part of this local law, or the application thereof to any person or circumstances shall be held to be invalid, such holding shall not affect, impair or invalidate the remainder of this local law, or the application of such section or part of a section held invalid to any other person or circumstances, but shall be confined in its operation to the item, clause, sentence, subparagraph, subdivision, section or other part of this local law directly involved in such holding, or to the person and circumstances therein involved.

§ 6. This local law shall take effect immediately, but in no event earlier than the effective date of a chapter of the laws of 1989 relating, in part, to enabling a city of one million or more to impose real property transfer taxes on certain transactions involving real estate cooperatives, as proposed in legislative bill numbers S.6401 and A.8835, provided, however, that:

(a) the amendments made by sections one and two of this local law shall apply to transfers made on or after August 1, 1989 or the effective date of this local law, whichever is later, other than a transfer made pursuant to a written contract entered into prior to the effective date of this local law, provided that the date of execution of such contract is confirmed by independent evidence, such as recording of the contract, payment of a deposit or other facts and circumstances as determined by the commissioner of finance of the city of New York; and

(b) sections three and four of this local law shall apply to information returns for semiannual periods beginning on or after January 1, 1989, provided that, notwithstanding anything to the contrary, if the effective date of this local law falls after July 17, 1989, the information return required to be filed for the period from January 1 through June 30, 1989 shall be deemed to be timely filed if it is filed no later than the fifteenth day following such effective date.