2006 New York Code - Exemptions.

 
    §    11-2106    Exemptions  a.  The following shall be exempt from the
  payment of the tax imposed by this chapter and from filing a return:
    1.  The state of New York, or any of its agencies,  instrumentalities,
  public  corporations (including a public corporation created pursuant to
  agreement or compact with another state or the Dominion  of  Canada)  or
  political subdivisions;
    2.  The  United  States  of  America,  and  any  of  its  agencies and
  instrumentalities, insofar, as they are immune from taxation,  provided,
  however, that the exemption of such governmental bodies or persons shall
  not  relieve a grantee from them of liability for the tax or from filing
  a return.
    b. The tax imposed by this chapter shall  not  apply  to  any  of  the
  following deeds, instruments or transactions:
    1.  A  deed,  instrument or transaction conveying or transferring real
  property or an economic interest therein by or to the United Nations  or
  other  world-wide international organizations of which the United States
  of America is a member;
    2. A deed, instrument or transaction conveying  or  transferring  real
  property  or  an  economic interest therein by or to any corporation, or
  association, or trust, or community chest, fund or foundation, organized
  or  operated  exclusively  for  religious,  charitable,  or  educational
  purposes,  or  for the prevention of cruelty to children or animals, and
  no part of the net earnings of  which  inures  to  the  benefit  of  any
  private  shareholder  or  individual  and  no  substantial  part  of the
  activities of which is carrying on propaganda, or  otherwise  attempting
  to  influence  legislation;  provided,  however,  that  nothing  in this
  paragraph shall include an organization operated for the primary purpose
  of carrying on a trade or business for profit, whether or not all of its
  profits are payable to one  or  more  organizations  described  in  this
  paragraph;
    3.  A  deed,  instrument or transaction conveying or transferring real
  property or an economic interest therein to  any  governmental  body  or
  person  exempt from payment of the tax pursuant to subdivision a of this
  section;
    4. A deed delivered pursuant to a contract made prior  to  May  first,
  nineteen hundred fifty-nine;
    5.  A  deed  delivered  by any governmental body or person exempt from
  payment of the tax pursuant to subdivision a of this section as a result
  of a sale at a public auction held in accordance with the provisions  of
  a contract made prior to May first, nineteen hundred fifty-nine;
    6. A deed or instrument given solely as security for, or a transaction
  the  sole  purpose of which is to secure, a debt or obligation or a deed
  or instrument given, or a  transaction  entered  into,  solely  for  the
  purpose of returning such security;
    7.  A  deed,  instrument or transaction conveying or transferring real
  property or an economic interest therein from a mere agent, dummy, straw
  man or conduit to his principal or a  deed,  instrument  or  transaction
  conveying  or transferring real property or an economic interest therein
  from the principal to his agent, dummy, straw man or conduit.
    8. A deed, instrument or transaction conveying  or  transferring  real
  property  or  an economic interest therein that effects a mere change of
  identity or  form  of  ownership  or  organization  to  the  extent  the
  beneficial  ownership of such real property or economic interest therein
  remains the same, other than  a  conveyance  to  a  cooperative  housing
  corporation  of  the  land  and  building  or  buildings  comprising the
  cooperative dwelling or dwellings.  For purposes of this paragraph,  the
  term  "cooperative  housing  corporation"  shall  not  include a housing


  company organized and operating pursuant to the  provisions  of  article
  two, four, five or eleven of the private housing finance law.
    c.  Notwithstanding  any  provision  of  this chapter to the contrary,
  where stock of a cooperative housing  corporation  and  the  appurtenant
  proprietary  leasehold  are  transferred  to  such  cooperative  housing
  corporation or a wholly owned subsidiary of such housing corporation, or
  to the holder of a mortgage on the real  property  of  such  cooperative
  housing  corporation  or  a  wholly owned subsidiary of such holder of a
  mortgage on the real property of such cooperative  housing  corporation,
  such  cooperative housing corporation or its wholly owned subsidiary, or
  such mortgage holder or its wholly owned subsidiary, shall not be liable
  as grantee for the tax determined to be due under this chapter from  the
  grantor  in such transfer, provided that such transfer occurred pursuant
  to, as the result of, or in connection with an  action,  proceeding,  or
  other  procedure  to  which  such  cooperative  housing corporation is a
  party, to enforce a lien, security interest or other  rights  on  or  in
  such  stock  and  proprietary  leasehold,  including  but not limited to
  rights under the proprietary lease.  This  subdivision  shall  apply  to
  transfers  occurring  on  or  after  June  sixteenth,  nineteen  hundred
  ninety-two.