Bill
Bill > A03448
NY A03448
NY A03448Requires 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.
summary
Introduced
02/03/2023
02/03/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the tax law, in relation to requiring 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
AI Summary
This bill requires certain joint tax returns pertaining to residential real estate cash purchases by limited liability companies to be accompanied by a document that 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, and the amount used by each source of funds. If any source of funds originated from a foreign national, the document must identify such foreign national, including their name, address, and any corporate entity owned by them. The bill applies to returns filed on and after January 1, 2024.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
enacting clause stricken (on 07/15/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A3448 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A03448&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03448 |
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