* § 25. Disclosure of certain transactions and related information.
(a) (1) Every taxpayer, or person as defined in section seven thousand
seven hundred one of the internal revenue code, required to file a
disclosure statement with the internal revenue service pursuant to
section six thousand eleven of the internal revenue code, or the
regulations promulgated thereunder, related to a reportable transaction
or a listed transaction, as those terms are defined in such section or
regulations, must attach a duplicate of such disclosure statement to the
return or report required to be filed by such taxpayer or person for the
taxable year under article nine, nine-A, twenty-two or thirty-three of
this chapter, and provide such other information related to such
disclosure as prescribed by the commissioner. Such disclosure shall be
made notwithstanding that one member of an affiliated group, as defined
by section fifteen hundred four of the internal revenue code, may file
such disclosure statement with the internal revenue service on behalf of
its affiliates including such taxpayer or person.

(2) Every taxpayer or such person who participates in a New York
reportable transaction for a taxable year must disclose such
participation with its return or report required to be filed under
article nine, nine-A, twenty-two or thirty-three of this chapter for the
taxable year in a form prescribed by the commissioner, and provide such
other information related to such transaction as prescribed by the
commissioner. A New York reportable transaction is a transaction that
has the potential to be a tax avoidance transaction as determined by the
commissioner.

(3) The commissioner may in his discretion prescribe, by regulation,
New York reportable transactions.

(4) Provided the commissioner has prescribed regulations pursuant to
paragraph three of this subdivision the commissioner is authorized to
designate specific transactions that are the same as, or substantially
similar to, transactions that the commissioner has determined to be tax
avoidance transactions. The provisions of article two of the state
administrative procedure act shall not apply to the designation of a
specific transaction as a tax avoidance transaction; provided, however,
that the commissioner shall designate any such transaction by notice or
other form of published guidance.

(b)(1) Every person required to make and file a statement or return
pursuant to section six thousand one hundred eleven of the internal
revenue code must file a duplicate of such statement or return,
including all documentation submitted to the internal revenue service in
connection with such statement or return, with the commissioner if any
of the following conditions apply:

(A) the person is organized in this state,

(B) the person is doing business in this state,

(C) the person is deriving income in this state, or

(D) (i) the list required to be maintained by such person pursuant to
section six thousand one hundred twelve of the internal revenue code
identifies or is required to identify a taxpayer subject to tax under
article nine, nine-A, twenty-two or thirty-three of this chapter, and

(ii) such person is a material advisor, as defined in section six
thousand one hundred eleven of the internal revenue code, who provides
any material aid, assistance, or advice with respect to organizing,
managing, promoting, selling, implementing, or carrying out any
reportable transaction.

(2) Such duplicate statement or return must be filed within sixty days
of the later of:

(A) the date required for filing the statement or return with the
internal revenue service,

(B) the date that any of the conditions described in paragraph (1) of
this subdivision first applies, or

(C) ninety days after the enactment of this section.

(c) Every person who is required to maintain a list of persons
pursuant to section six thousand one hundred twelve of the internal
revenue code, or the regulations promulgated thereunder, must maintain a
duplicate of such list if any of the conditions described in paragraph
one of subdivision (b) of this section applies to such person and must
furnish a copy thereof to the commissioner within twenty days after
written request is made for such list by the commissioner.

(d) Every person required by this section to disclose any transaction,
file any duplicate return, or maintain any list shall retain all
relevant correspondence, memoranda, notes, valuation studies, meeting
minutes, spreadsheets, models, opinions, records required to be retained
pursuant to section six thousand eleven of the internal revenue code, or
the regulations promulgated thereunder, and all other records or
documents related to the disclosure, filing and list maintenance
requirements of this section for six years and must make such
information available for inspection by the commissioner in connection
with any examination.

(e) The filing, disclosure and retention requirements of this section
shall be in addition to any other filing, disclosure or retention
requirements, general or specific, provided by law. The commissioner may
require electronic filing or disclosure of any or all submissions
required under this section, shall have the authority to prescribe
whether a signature, including an electronic signature, is required on
any or all filings or disclosures under this section. If an electronic
signature is so required, it shall be in a form consistent with the
provisions of the electronic signatures and records act of the state
technology law.

(f)(1) The penalties imposed for a violation of subdivision (a) of
this section are contained in subsection (x) of section six hundred
eighty-five and subsection (p) of section one thousand eighty-five of
this chapter.

(2) The penalties imposed for a violation of subdivision (b) of this
section are contained in subsection (y) of section six hundred
eighty-five and subsection (q) of section one thousand eighty-five of
this chapter.

(3) The penalties imposed for a violation of subdivision (c) of this
section are contained in subsection (z) of section six hundred
eighty-five and subsection (r) of section one thousand eighty-five of
this chapter.

* NB Repealed July 1, 2024