|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to investigations and government operations|
|Jan 10, 2017||referred to investigations and government operations|
senate Bill S1717
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1717 (ACTIVE) - Details
S1717 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1717 TITLE OF BILL : 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 PURPOSE OR GENERAL IDEA OF BILL : This bill requires limited liability companies to disclose the individual members of the company when it files a joint tax return for any sale of real residential property that it is named the grantor or grantee in. This only applies to residential property containing one- to four-family dwelling units and requires that the joint tax return be accompanied with a list identifying all the members, managers, and any other authorized persons of the company. This practice has been successfully implemented in New York City as of 2015. This bill seeks to codify the practice in New York City and apply it on a statewide level. SUMMARY OF SPECIFIC PROVISIONS : Section 1 of the bill adds a new subdivision (h) of Section 11-2105 of the administrative code of the city of New York to require any limited liability company who is the grantor or grantee of a deed for residential real property containing one- to four-family dwelling units to accompany the filing of any joint tax return a list
S1717 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1717 2017-2018 Regular Sessions I N S E N A T E January 10, 2017 ___________ Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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