Bill Text: NY S01730 | 2019-2020 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Passed) 2019-09-13 - SIGNED CHAP.297 [S01730 Detail]
Download: New_York-2019-S01730-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1730 2019-2020 Regular Sessions IN SENATE 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: 1 Section 1. Subdivision (a) of section 1409 of the tax law, as amended 2 by chapter 309 of the laws of 1996, is amended to read as follows: 3 (a) A joint return shall be filed by both the grantor and the grantee 4 for each conveyance whether or not a tax is due thereon other than a 5 conveyance of an easement or license to a public utility as defined in 6 subdivision two of section one hundred eighty-six-a of this chapter or 7 to a public utility which is a provider of telecommunication services as 8 defined in subdivision one of section one hundred eighty-six-e of this 9 chapter, where the consideration is two dollars or less and is clearly 10 stated as actual consideration in the instrument of conveyance. When the 11 grantor or grantee of a deed for residential real property containing 12 one- to four-family dwelling units is a limited liability company, the 13 joint return shall not be accepted for filing unless it is accompanied 14 by a document which identifies the names and business addresses of all 15 members, managers, and any other authorized persons, if any, of such 16 limited liability company and the names and business addresses or, if 17 none, the business addresses of all shareholders, directors, officers, 18 members, managers and partners of any limited liability company or other 19 business entity that are to be the members, managers or authorized 20 persons, if any, of such limited liability company. The identification 21 of such names and addresses shall not be deemed an unwarranted invasion 22 of personal privacy pursuant to article six of the public officers law. 23 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. LBD06386-01-9S. 1730 2 1 ity company is itself a limited liability company or other business 2 entity, the names and addresses of the shareholders, directors, offi- 3 cers, members, managers and partners of the limited liability company or 4 other business entity shall also be disclosed until full disclosure of 5 ultimate ownership by natural persons is achieved. For purposes of this 6 subdivision, the terms "members", "managers", "authorized person", 7 "limited liability company" and "other business entity" shall have the 8 same meaning as those terms are defined in section one hundred two of 9 the limited liability company law. The return shall be filed with the 10 recording officer before the instrument effecting the conveyance may be 11 recorded. However, if the tax is paid to the commissioner pursuant to 12 section fourteen hundred ten of this article, the return shall be filed 13 with such commissioner at the time the tax is paid. In that instance, a 14 receipt evidencing the filing of the return and the payment of tax shall 15 be filed with the recording officer before the instrument effecting the 16 conveyance may be recorded. The recording officer shall handle such 17 receipt in the same manner as a return filed with the recording officer. 18 § 2. Section 11-2105 of the administrative code of the city of New 19 York is amended by adding a new subdivision h to read as follows: 20 h. When the grantor or grantee of a deed for residential real property 21 containing one- to four-family dwelling units is a limited liability 22 company, the joint return shall not be accepted for filing unless it is 23 accompanied by a document which identifies the names and business 24 addresses of all members, managers, and any other authorized persons, if 25 any, of such limited liability company and the names and business 26 addresses or, if none, the business addresses of all shareholders, 27 directors, officers, members, managers and partners of any limited 28 liability company or other business entity that are to be the members, 29 managers or authorized persons, if any, of such limited liability compa- 30 ny. The identification of such names and addresses shall not be deemed 31 an unwarranted invasion of personal privacy pursuant to article six of 32 the public officers law. If any such member, manager or authorized 33 person of the limited liability company is itself a limited liability 34 company or other business entity, the names and addresses of the share- 35 holders, directors, officers, members, managers and partners of the 36 limited liability company or other business entity shall also be 37 disclosed until full disclosure of ultimate ownership by natural persons 38 is achieved. For purposes of this subdivision, the terms "members", 39 "managers", "authorized person", "limited liability company" and "other 40 business entity" shall have the same meaning as those terms are defined 41 in section one hundred two of the limited liability company law. 42 § 3. This act shall take effect immediately.
