IN THE NEWS---NY'S LLC TRANSPARENCY BILL LACKS THE TEETH OF ITS US TWIN

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New York’s LLC Transparency Bill Lacks the Teeth of Its US Twin

A bill that would make New York the first state with a public database of limited liability company owners doesn’t carry the stiff penalties for violations that a similar federal law contains, says tax controversy attorney Brian Ketcham.

New York’s LLC Transparency Act, which is awaiting Gov. Kathy Hochul’s (D) signature or veto, in many ways mirrors existing federal provisions in the Corporate Transparency Act—except where it matters most.

The state legislation—the first of its kind in the US—aims to make it difficult for owners of limited liability companies that are created or do business in New York to protect or hide assets, or to avoid state and federal income taxes. In broad terms, the bill would require both current and any newly established LLCs to disclose a list of all beneficial owners with the Department of State. MORE AT 

https://news.bloombergtax.com/tax-insights-and-commentary/new-yorks-llc-transparency-bill-lacks-the-teeth-of-its-us-twin