S T A T E O F N E W Y O R K
________________________________________________________________________
10430
I N A S S E M B L Y
May 27, 2016
___________
Introduced by M. of A. SKOUFIS, ZEBROWSKI -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law and the administrative code of the city of
New York in relation to real property transfer tax returns of limited
liability companies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision (a) of section 1409 of the tax law, as amended
by chapter 309 of the laws of 1996, is amended to read as follows:
(a) A joint return shall be filed by both the grantor and the grantee
for each conveyance whether or not a tax is due thereon other than a
conveyance of an easement or license to a public utility as defined in
subdivision two of section one hundred eighty-six-a of this chapter or
to a public utility which is a provider of telecommunication services as
defined in subdivision one of section one hundred eighty-six-e of this
chapter, where the consideration is two dollars or less and is clearly
stated as actual consideration in the instrument of conveyance. WHEN THE
GRANTOR OR GRANTEE OF A DEED FOR RESIDENTIAL REAL PROPERTY CONTAINING
ONE- TO FOUR-FAMILY DWELLING UNITS IS A LIMITED LIABILITY COMPANY, THE
JOINT RETURN SHALL NOT BE ACCEPTED FOR FILING UNLESS IT IS ACCOMPANIED
BY A DOCUMENT WHICH IDENTIFIES THE NAMES AND BUSINESS ADDRESSES OF ALL
MEMBERS, MANAGERS, AND ANY OTHER AUTHORIZED PERSONS, IF ANY, OF SUCH
LIMITED LIABILITY COMPANY AND THE NAMES AND BUSINESS ADDRESSES OR, IF
NONE, THE BUSINESS ADDRESSES OF ALL SHAREHOLDERS, DIRECTORS, OFFICERS,
MEMBERS, MANAGERS AND PARTNERS OF ANY LIMITED LIABILITY COMPANY OR OTHER
BUSINESS ENTITY THAT ARE TO BE THE MEMBERS, MANAGERS OR AUTHORIZED
PERSONS, IF ANY, OF SUCH LIMITED LIABILITY COMPANY. THE IDENTIFICATION
OF SUCH NAMES AND ADDRESSES SHALL NOT BE DEEMED AN UNWARRANTED INVASION
OF PERSONAL PRIVACY PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS LAW.
IF ANY SUCH MEMBER, MANAGER OR AUTHORIZED PERSON OF THE LIMITED LIABIL-
ITY COMPANY IS ITSELF A LIMITED LIABILITY COMPANY OR OTHER BUSINESS
ENTITY, THE NAMES AND ADDRESSES OF THE SHAREHOLDERS, DIRECTORS, OFFI-
CERS, MEMBERS, MANAGERS AND PARTNERS OF THE LIMITED LIABILITY COMPANY OR
OTHER BUSINESS ENTITY SHALL ALSO BE DISCLOSED UNTIL FULL DISCLOSURE OF
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15641-03-6
A. 10430 2
ULTIMATE OWNERSHIP BY NATURAL PERSONS IS ACHIEVED. FOR PURPOSES OF THIS
SUBDIVISION, THE TERMS "MEMBERS", "MANAGERS", "AUTHORIZED PERSON",
"LIMITED LIABILITY COMPANY" AND "OTHER BUSINESS ENTITY" SHALL HAVE THE
SAME MEANING AS THOSE TERMS ARE DEFINED IN SECTION ONE HUNDRED TWO OF
THE LIMITED LIABILITY COMPANY LAW. The return shall be filed with the
recording officer before the instrument effecting the conveyance may be
recorded. However, if the tax is paid to the commissioner pursuant to
section fourteen hundred ten of this article, the return shall be filed
with such commissioner at the time the tax is paid. In that instance, a
receipt evidencing the filing of the return and the payment of tax shall
be filed with the recording officer before the instrument effecting the
conveyance may be recorded. The recording officer shall handle such
receipt in the same manner as a return filed with the recording officer.
S 2. Section 11-2105 of the administrative code of the city of New
York is amended by adding a new subdivision h to read as follows:
H. WHEN THE GRANTOR OR GRANTEE OF A DEED FOR RESIDENTIAL REAL PROPERTY
CONTAINING ONE- TO FOUR-FAMILY DWELLING UNITS IS A LIMITED LIABILITY
COMPANY, THE JOINT RETURN SHALL NOT BE ACCEPTED FOR FILING UNLESS IT IS
ACCOMPANIED BY A DOCUMENT WHICH IDENTIFIES THE NAMES AND BUSINESS
ADDRESSES OF ALL MEMBERS, MANAGERS, AND ANY OTHER AUTHORIZED PERSONS, IF
ANY, OF SUCH LIMITED LIABILITY COMPANY AND THE NAMES AND BUSINESS
ADDRESSES OR, IF NONE, THE BUSINESS ADDRESSES OF ALL SHAREHOLDERS,
DIRECTORS, OFFICERS, MEMBERS, MANAGERS AND PARTNERS OF ANY LIMITED
LIABILITY COMPANY OR OTHER BUSINESS ENTITY THAT ARE TO BE THE MEMBERS,
MANAGERS OR AUTHORIZED PERSONS, IF ANY, OF SUCH LIMITED LIABILITY COMPA-
NY. THE IDENTIFICATION OF SUCH NAMES AND ADDRESSES SHALL NOT BE DEEMED
AN UNWARRANTED INVASION OF PERSONAL PRIVACY PURSUANT TO ARTICLE SIX OF
THE PUBLIC OFFICERS LAW. IF ANY SUCH MEMBER, MANAGER OR AUTHORIZED
PERSON OF THE LIMITED LIABILITY COMPANY IS ITSELF A LIMITED LIABILITY
COMPANY OR OTHER BUSINESS ENTITY, THE NAMES AND ADDRESSES OF THE SHARE-
HOLDERS, DIRECTORS, OFFICERS, MEMBERS, MANAGERS AND PARTNERS OF THE
LIMITED LIABILITY COMPANY OR OTHER BUSINESS ENTITY SHALL ALSO BE
DISCLOSED UNTIL FULL DISCLOSURE OF ULTIMATE OWNERSHIP BY NATURAL PERSONS
IS ACHIEVED. FOR PURPOSES OF THIS SUBDIVISION, THE TERMS "MEMBERS",
"MANAGERS", "AUTHORIZED PERSON", "LIMITED LIABILITY COMPANY" AND "OTHER
BUSINESS ENTITY" SHALL HAVE THE SAME MEANING AS THOSE TERMS ARE DEFINED
IN SECTION ONE HUNDRED TWO OF THE LIMITED LIABILITY COMPANY LAW.
S 3. This act shall take effect immediately.