Loading chat...
NY A03448
Bill
Status
2/3/2023
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
-
Requires joint tax returns for residential real estate cash purchases by limited liability companies to include documentation identifying the source of funds used for the purchase.
-
Applies to buildings with up to four family dwelling units, including condominiums and cooperatives, purchased without mortgage financing.
-
Documentation must specify the type of funding, bank account information for funds used, and the amount contributed by each funding source.
-
If any funds originate from a foreign national as defined in federal law, the document must identify that person by name and address, and any corporate entities they own.
-
Takes effect immediately and applies to returns filed on or after January 1, 2024.
Legislative Description
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.
Last Action
enacting clause stricken
7/15/2024