Assembly BillIntroduced
A 5497: Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership.
What A 5497 does, verified January 8, 2026
The bill aims to clarify the exemption for cooperative housing corporations where there is no change in beneficial ownership. It defines a change in beneficial ownership as a change that affects the person or entity that receives the income or benefits from the corporation. The bill excludes conveyances to a cooperative housing corporation of the real property comprising the cooperative dwelling or dwellings, but includes conveyances of shares to participating shareholders as part of a voluntary dissolution under the private housing finance law. The bill takes effect immediately and applies to applicable conveyances occurring on or before the effective date.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to ways and means (2026-01-07)Alert me
Quick answers about A 5497
- What is the current status of A 5497?
- As of January 8, 2026, A 5497 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "referred to ways and means".
- Did A 5497 pass?
- Not yet. A 5497 has been introduced and has not passed either house.
- Who wrote A 5497, and where is it now?
- A 5497 was authored by Asm. Alec Brook-Krasny with 3 coauthors. Its committee of record is Assembly Ways & Means.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | referred to ways and means |
| Feb. 14, 2025 | referred to ways and means |
Latest bill textIntroduced version, February 14, 2025 · 267 words
STATE OF NEW YORK ________________________________________________________________________ 5497 2025-2026 Regular Sessions IN ASSEMBLY February 14, 2025 ___________ Introduced by M. of A. BROOK-KRASNY, NOVAKHOV -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to clarifying the exemption for cooperative housing corporations where there is no change in benefi- cial ownership The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 6 of subdivision (b) of section 1405 of the tax 2 law, as amended by chapter 61 of the laws of 1989, is amended to read as 3 follows: 4 6. Conveyances to effectuate a mere change of identity or form of 5 ownership or organization where there is no change in beneficial owner- 6 ship, other than conveyances to a cooperative housing corporation of the 7 real property comprising the cooperative dwelling or dwellings, 8 provided, however, the conveyance of shares of a cooperative housing 9 corporation to participating shareholders as part of a voluntary dissol- 10 ution under the private housing finance law in which such dissolution 11 effects only a mere change in the identity or form of ownership of such 12 corporation shall be included in this exemption; 13 § 2. This act shall take effect immediately, and shall be deemed to be 14 in effect for applicable conveyances occurring on or before such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09207-01-5
Text of A 5497 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions