Assembly Bill A10357

2021-2022 Legislative Session

Requires the disclosure of limited liability companies and certain other business entities on certain filings with the tax department

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • 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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2021-A10357 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§1409, 1418 & 211, add §171-x, Tax L; amd §11-2105, NYC Ad Cd

2021-A10357 (ACTIVE) - Summary

Requires the disclosure of limited liability companies and certain other business entities on certain filings with the tax department.

2021-A10357 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10357
 
                           I N  A S S E M B L Y
 
                               May 13, 2022
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Gallagher)
   -- 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 the disclosure of beneficial owners of limit-
   ed liability companies and certain other business entities

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph 2 of subdivision (a) of section 1409 of the  tax
 law,  as  amended  by  section  3 of part O of chapter 59 of the laws of
 2021, is amended to read as follows:
   (2) When the grantor or grantee of a deed for a building used as resi-
 dential real property [containing up 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 liabil-
 ity 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 author-
 ized person of the limited liability company is itself a limited liabil-
 ity company or other business entity other than a publicly traded  enti-
 ty,  a  REIT, a UPREIT, or a mutual fund, the names and addresses of the
 shareholders, 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]  BENEFICIAL  OWNERS OF SUCH LIMITED LIABILITY COMPANY. For
 purposes of this subdivision, the terms ["members", "managers", "author-
 ized person",] "BENEFICIAL OWNERS" AND "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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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