Senate Bill S1730

Signed By Governor
2019-2020 Legislative Session

Relates to establishing beneficial ownership for limited liability companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S1730 (ACTIVE) - Details

See Assembly Version of this Bill:
A7190
Law Section:
Tax Law
Laws Affected:
Amd §1409, Tax L; amd §11-2105, NYC Ad Cd
Versions Introduced in 2019-2020 Legislative Session:
S1730, A7190

2019-S1730 (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.

2019-S1730 (ACTIVE) - Sponsor Memo

2019-S1730 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1730
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 16, 2019
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- 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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