Bill Text: NY A07190 | 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 5-0)

Status: (Introduced) 2019-06-20 - substituted by s1730 [A07190 Detail]

Download: New_York-2019-A07190-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          7190
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 11, 2019
                                       ___________
        Introduced  by  M. of A. ZEBROWSKI, COLTON, WRIGHT, DAVILA, COOK -- 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 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-
    24  ity 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.
                                                                   LBD06386-01-9

        A. 7190                             2
     1  entity,  the  names  and addresses of the shareholders, directors, offi-
     2  cers, members, managers and partners of the limited liability company or
     3  other business entity shall also be disclosed until full  disclosure  of
     4  ultimate  ownership by natural persons is achieved. For purposes of this
     5  subdivision,  the  terms  "members",  "managers",  "authorized  person",
     6  "limited  liability  company" and "other business entity" shall have the
     7  same meaning as those terms are defined in section one  hundred  two  of
     8  the  limited  liability  company law. The return shall be filed with the
     9  recording officer before the instrument effecting the conveyance may  be
    10  recorded.  However,  if  the tax is paid to the commissioner pursuant to
    11  section fourteen hundred ten of this article, the return shall be  filed
    12  with  such commissioner at the time the tax is paid. In that instance, a
    13  receipt evidencing the filing of the return and the payment of tax shall
    14  be filed with the recording officer before the instrument effecting  the
    15  conveyance  may  be  recorded.  The  recording officer shall handle such
    16  receipt in the same manner as a return filed with the recording officer.
    17    § 2. Section 11-2105 of the administrative code of  the  city  of  New
    18  York is amended by adding a new subdivision h to read as follows:
    19    h. When the grantor or grantee of a deed for residential real property
    20  containing  one-  to  four-family  dwelling units is a limited liability
    21  company, the joint return shall not be accepted for filing unless it  is
    22  accompanied  by  a  document  which  identifies  the  names and business
    23  addresses of all members, managers, and any other authorized persons, if
    24  any, of such limited  liability  company  and  the  names  and  business
    25  addresses  or,  if  none,  the  business  addresses of all shareholders,
    26  directors, officers, members,  managers  and  partners  of  any  limited
    27  liability  company  or other business entity that are to be the members,
    28  managers or authorized persons, if any, of such limited liability compa-
    29  ny.  The identification of such names and addresses shall not be  deemed
    30  an  unwarranted  invasion of personal privacy pursuant to article six of
    31  the public officers law.   If any such  member,  manager  or  authorized
    32  person  of  the  limited liability company is itself a limited liability
    33  company or other business entity, the names and addresses of the  share-
    34  holders,  directors,  officers,  members,  managers  and partners of the
    35  limited liability  company  or  other  business  entity  shall  also  be
    36  disclosed until full disclosure of ultimate ownership by natural persons
    37  is  achieved.  For  purposes  of  this subdivision, the terms "members",
    38  "managers", "authorized person", "limited liability company" and  "other
    39  business  entity" shall have the same meaning as those terms are defined
    40  in section one hundred two of the limited liability company law.
    41    § 3. This act shall take effect immediately.
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