12/2023 Publications

Public Database Stripped from New York’s LLC Transparency Act

Tax Notes Article


"New York Gov. Kathy Hochul (D) has signed an amended version of the LLC Transparency Act that strikes those provisions that would have created the nation’s first public database of beneficial ownership information.

Based on the federal Corporate Transparency Act (CTA), the New York measure (A. 3484A/S. 995B) — signed December 23, [2023] with the State Legislature to approve the change through a chapter amendment — will require some limited liability companies formed or registered to do business in New York to identify their true owners to the secretary of state. The law takes effect 365 days after enactment."

Severiano Ortiz is quoted in an article related to New York’s LLC Transparency Act (closely mirroring the US Corporate Transparency Act) regarding the finalized amended version that rejects a proposed publicly searchable database of beneficial owners. Tax Notes. December 27, 2023. Download