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History
- Print number 7795a
- Amend (t) and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
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
In Senate Committee · Rules · Sponsor James Skoufis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 identifying all the members, managers, and any other authorized persons.
Section 2 of the bill incorporates the same provisions into section 1409 of the tax law into paragraph (a) for statewide application.
Section 3 of the bill establishes that this act will take effect immediately.
Justification
The issue of transparency that this bill addresses is important because when real estate transactions take place involving an LLC, those behind the companies are often unable to be identified. This bill seeks to address the anonymity and related concerns by requiring limited liability companies that engage in residential property sales to disclose their members when filing a joint property tax return. This practice has been successfully implemented in New York City as of 2015. This bill seeks to codify the practice in the city and apply it on a statewide level.
Prior legislative history
New legislation.
Fiscal implications
None
Effective date
The bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.