The New York governor signed SB 995 on December 22, 2023 to enact the LLC Transparency Act. This new law includes state beneficial ownership reporting requirements modeled on the Federal Corporate Transparency Act (CTA). The bill incorporates definitions from the federal CTA regulations and requires the disclosure of certain beneficial ownership information to the Department of State when filing articles of organization. LLCs in existence on or before the effective date shall have until January 1, 2025 to file an initial beneficial owner report. The new law takes effect on December 21, 2024.
Please note, this is separate from the Federal Corporate Transparency Act with FinCen
The Senate Bill can be found here…
The Governors Bill Signing can be found here…
In other New York legislation, Senate Bill 8059 was introduced on 1/5/2024 to amend the limited liability company beneficial owner disclosure requirements recently enacted by Senate Bill 995 (2023), which the governor signed in December. The bill would expand the reporting requirements to include reporting of applicants and other requirements.