New York recently announced a new exemption from New York State and local sales and use tax. The exemption, effective March 1, 2006, applies to the sale of utilities and utility services, provided that the services are: (1) metered; (2) generated or produced by a cogeneration facility owned or operated by a cooperative corporation containing at least 1,500 apartments; and (3) distributed to tenants and/or occupants (residential or commercial) of a cooperative corporation. The exemption, however, applies only to sales from facilities in operation before 2004 or certain replacement facilities. A written memorandum further explains the details of the exemption and provides definitions of a cogeneration facility and cooperative corporation for purposes of the exemption. (New York State Department of Taxation and Finance, TSB-M-06(3)S, February 17, 2006)