L.L. 1992/094

Enactment date: 12/7/1992

Int. No. 568-A

By Council Members Berman, Pinkett and the Speaker (Council Member Vallone) (by the request of the Mayor); also Council Members Harrison, Linares, Povman, Rivera, Cerullo Ill and Ognibene (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 releasing a cooperative housing corporation or 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:

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[Consolidated provisions are not included in this Appendix A]

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§ 2. lf 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.