What's happening
This bill requires limited liability companies involved in residential property transfers to disclose the names and business addresses of all owners and controlling parties.
Why it matters
Increases transparency in property ownership. By requiring LLCs to disclose the names and business addresses of all individuals and entities involved (including those behind any nested LLCs or other entities), the bill aims to reveal the actual people controlling residential real estate transfers, making it harder to hide ownership through complex corporate structures.
Supports enforcement and compliance. Full disclosure of ultimate ownership can assist government agencies in enforcing tax, housing, and zoning laws, as well as in identifying and preventing fraud, money laundering, or other illicit activities often facilitated by anonymous property ownership.
Limits privacy claims for these disclosures. The legislation specifically states that this ownership information is not considered an “unwarranted invasion of personal privacy,” which means the data can be made available for public inspection and use by watchdogs, journalists, or concerned neighbors.
Targets residential properties most affected by speculation and absentee ownership. By focusing on one- to four-family dwellings, the bill addresses a segment of the housing market where anonymous ownership can drive up prices, reduce accountability for property conditions, and complicate tenant-landlord relations.
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Who cares
Headline styles
Reveal LLC Property Owners
Plain English, a few words. Used as the page title.
Sponsors
6 Co-sponsors
1 Multi-sponsor
History
- Ordered to third reading cal.269
- Returned to assembly
- Died in senate
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.284
- Rules report cal.284
- Reported
- Reported referred to rules
- Referred to ways and means
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.
Reveal LLC Property Owners
In Senate Committee · Investigations And Government Operations · Sponsor David Carlucci
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3443
2017-2018 Regular Sessions
IN ASSEMBLY
January 27, 2017
Introduced by M. of A. SKOUFIS, ZEBROWSKI -- 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 real property transfer tax returns of limited liability companies
The People of the State of New York, represented in Senate and Assembly, 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 liability company is itself a limited liability company or other business
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02404-01-7
A. 3443 2
entity, 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. For purposes of this subdivision, the terms "members", "managers", "authorized person", "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. The return shall be filed with the recording officer before the instrument effecting the conveyance may be recorded. However, if the tax is paid to the commissioner pursuant to section fourteen hundred ten of this article, the return shall be filed with such commissioner at the time the tax is paid. In that instance, a receipt evidencing the filing of the return and the payment of tax shall be filed with the recording officer before the instrument effecting the conveyance may be recorded. The recording officer shall handle such receipt in the same manner as a return filed with the recording officer.
§ 2. Section 11-2105 of the administrative code of the city of New York is amended by adding a new subdivision h to read as follows:
h. 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 liability company is itself a limited liability company or other business entity, 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. For purposes of this subdivision, the terms "members", "managers", "authorized person", "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.
§ 3. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.