Bill > S08112

This bill amends the tax law to require 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 for such purchase originated from a foreign national, the document must identify the foreign national, including their name, address, and any corporate entity owned by them. This requirement applies to returns filed on and after January 1, 2024.