S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3448
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI,  THIELE, EPSTEIN -- read once and
   referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to requiring certain joint  tax
   returns pertaining to residential real estate cash purchases by limit-
   ed  liability  companies  to disclose the source of funds used for the
   purchase

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph 3 of subdivision (a) of section 1409 of the tax
 law, as amended by section 3 of part O of chapter  59  of  the  laws  of
 2021, is amended to read as follows:
   (3)  IN ADDITION TO THE REQUIREMENTS IN PARAGRAPH TWO OF THIS SUBDIVI-
 SION, WHEN THE GRANTOR OR GRANTEE OF A DEED FOR A BUILDING USED AS RESI-
 DENTIAL REAL PROPERTY CONTAINING  UP  TO  FOUR  FAMILY  DWELLING  UNITS,
 INCLUDING  CONDOMINIUMS AND COOPERATIVES, IS A LIMITED LIABILITY COMPANY
 AND THE PURCHASE IS NOT SECURED BY A MORTGAGE, THE  JOINT  RETURN  SHALL
 NOT  BE ACCEPTED FOR FILING UNLESS IT IS ACCOMPANIED BY A DOCUMENT WHICH
 IDENTIFIES THE SOURCE OR SOURCES OF FUNDS USED FOR THE PURCHASE, INCLUD-
 ING 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.  IF
 ANY SOURCE OF FUNDS FOR SUCH PURCHASE ORIGINATED FROM A FOREIGN NATIONAL
 AS DEFINED IN SECTION 30121 OF TITLE 52 OF THE UNITED STATES  CODE,  THE
 DOCUMENT  SHALL  IDENTIFY SUCH FOREIGN NATIONAL INCLUDING THEIR NAME AND
 ADDRESS AND ANY CORPORATE ENTITY OWNED BY SUCH FOREIGN NATIONAL.
   (4) The return shall be filed with the recording  officer  before  the
 instrument effecting the conveyance may be recorded. However, if the tax
 is  paid to the commissioner pursuant to section fourteen hundred ten of
 this article, the return shall be filed with such  commissioner  at  the
 time  the tax is paid. In that instance, a receipt evidencing the filing
 of the return and the payment of tax shall be filed with  the  recording
 officer  before the instrument effecting the conveyance may be recorded.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04703-01-3
              

 A. 3448                             2
 
 The recording officer shall handle such receipt in the same manner as  a
 return filed with the recording officer.
   § 2. This act shall take effect immediately and shall apply to returns
 filed on and after January 1, 2024.