senate Bill S7795A

2015-2016 Legislative Session

Relates to establishing beneficial ownership for limited liability companies

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2016 print number 7795a
Jun 02, 2016 amend (t) and recommit to corporations, authorities and commissions
May 12, 2016 referred to corporations, authorities and commissions

S7795 - Details

See Assembly Version of this Bill:
A10430
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Tax Law
Laws Affected:
Amd §1409, Tax L; amd §11-2105, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2017-2018: S1717, A3443
2019-2020: S1730, A7190

S7795 - Summary

Requires the real property transfer tax return relating to residential property sold or purchased by a limited liability company to include information on the ownership of such company.

S7795 - Sponsor Memo

S7795 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7795

                            I N  S E N A T E

                              May 12, 2016
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN ACT to amend the limited liability company law, in relation to estab-
  lishing beneficial ownership for limited liability companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 102 of the limited liability company law is amended
by adding a new subdivision (d-1) to read as follows:
  (D-1) "BENEFICIAL OWNER" MEANS A  NATURAL  PERSON  WHO  IS  A  MEMBER,
MANAGER OR AUTHORIZED PERSON WITHIN A LIMITED LIABILITY COMPANY.
  S  2.  Subdivision (e) of section 203 of the limited liability company
law, as added by chapter 470 of the laws of 1997, is amended to read  as
follows:
  (e)  The articles of organization of a limited liability company shall
set forth:
  (1) the name of the limited liability company;
  (2) the county within this state in which the office  of  the  limited
liability  company  is to be located or if the limited liability company
shall maintain more than one office in this state, the county  in  which
the principal office of the limited liability company is to be located;
  (3)  if  the  limited  liability company is to have a specific date of
dissolution in addition to  the  events  of  dissolution  set  forth  in
section  seven hundred one of this chapter, the latest date on which the
limited liability company is to dissolve;
  (4) a designation of the secretary of state as agent  of  the  limited
liability  company  upon  whom  process against it may be served and the
post office address within or without this state to which the  secretary
of  state shall mail a copy of any process against the limited liability
company served upon him or her;
  (5) if the limited liability company is to have  a  registered  agent,
its  name  and address within this state and a statement that the regis-
tered agent is to be the agent of the  limited  liability  company  upon
whom process against it may be served;
  (6)  if all or specified members are to be liable in their capacity as
members for all or specified debts, obligations or  liabilities  of  the
limited  liability company as authorized pursuant to section six hundred

S7795A (ACTIVE) - Details

See Assembly Version of this Bill:
A10430
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Tax Law
Laws Affected:
Amd §1409, Tax L; amd §11-2105, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2017-2018: S1717, A3443
2019-2020: S1730, A7190

S7795A (ACTIVE) - Summary

Requires the real property transfer tax return relating to residential property sold or purchased by a limited liability company to include information on the ownership of such company.

S7795A (ACTIVE) - Sponsor Memo

S7795A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7795--A

                            I N  S E N A T E

                              May 12, 2016
                               ___________

Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and   Commissions  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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