New York S 5716: Requires certain joint tax returns pertaining to residential real estate cash purchases by limited liability companies to disclose the source of funds used for the purchase

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S05716 Summary:

BILL NOS05716 

&nbsp

SAME ASSAME AS A08398

&nbsp

SPONSORSKOUFIS

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §1409, Tax L

&nbsp

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.

Go to top S05716 Actions:

BILL NOS05716 

&nbsp

02/28/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05716 Committee&nbspVotes:

Go to topS05716 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05716 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5716

 2025-2026 Regular Sessions

 IN SENATE

 February 28, 2025
 ___________

 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.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09620-01-5

 S. 5716 2

 1 The recording officer shall handle such receipt in the same manner as a
 2 return filed with the recording officer.
 3 § 2. This act shall take effect immediately and shall apply to returns
 4 filed on and after January 1, 2026.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps