On September 13, 2019, Governor Cuomo signed into law an amendment to Section 1409(a) of the NY Tax Law requiring additional information to be provided upon filing Form TP-584 when the grantor or grantee of a 1-4 family residence, is an LLC. The new law is effective immediately, applies to all deeds recorded after September 23, 2019 and requires the identification of the names and business addresses of all members, managers and other authorized persons of the LLC. The statute goes on to state that if a member, manager or authorized person is itself any type of business entity (not just an LLC) the names and addresses of shareholders, directors, and authorized persons need to be provided until full disclosure of ultimate ownership by natural persons is achieved.
The New York State Department of Taxation and Finance has not yet amended Form TP-584. However, most companies are annexing a sheet which provides the space to list all members and their business addresses. Third party purchasers must provide this information in order to close.
Please contact Director of Operations, Deborah Gallo, at [email protected] with any questions.