Bill Text: NY S08112 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 8112

Introduced

Bill Title: Requires certain joint tax returns pertaining to residential real estate cash purchases by limited liability companies to be accompanied by a document which identifies the source or sources of funds used for the purchase, including the type of funding used, the bank account information of any funds used in the purchase and the amount used by each source of funds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-08 - REFERRED TO BUDGET AND REVENUE [S08112 Detail]

Download: New_York-2023-S08112-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          8112

                    IN SENATE

                                     January 8, 2024
                                       ___________

        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to requiring certain joint  tax
          returns pertaining to residential real estate cash purchases by limit-
          ed  liability  companies  to disclose the source of funds used for the
          purchase

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph 3 of subdivision (a) of section 1409 of the tax
     2  law, as amended by section 3 of part O of chapter  59  of  the  laws  of
     3  2021, is amended to read as follows:
     4    (3)  In addition to the requirements in paragraph two of this subdivi-
     5  sion, when the grantor or grantee of a deed for a building used as resi-
     6  dential real property containing  up  to  four  family  dwelling  units,
     7  including  condominiums and cooperatives, is a limited liability company
     8  and the purchase is not secured by a mortgage, the  joint  return  shall
     9  not  be accepted for filing unless it is accompanied by a document which
    10  identifies the source or sources of funds used for the purchase, includ-
    11  ing the type of funding used, the bank account information of any  funds
    12  used  in  the  purchase and the amount used by each source of funds.  If
    13  any source of funds for such purchase originated from a foreign national
    14  as defined in section 30121 of title 52 of the United States  code,  the
    15  document  shall  identify such foreign national including their name and
    16  address and any corporate entity owned by such foreign national.
    17    (4) The return shall be filed with the recording  officer  before  the
    18  instrument effecting the conveyance may be recorded. However, if the tax
    19  is  paid to the commissioner pursuant to section fourteen hundred ten of
    20  this article, the return shall be filed with such  commissioner  at  the
    21  time  the tax is paid. In that instance, a receipt evidencing the filing
    22  of the return and the payment of tax shall be filed with  the  recording
    23  officer  before the instrument effecting the conveyance may be recorded.
    24  The recording officer shall handle such receipt in the same manner as  a
    25  return filed with the recording officer.
    26    § 2. This act shall take effect immediately and shall apply to returns
    27  filed on and after January 1, 2024.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04703-01-3