Press Mention: New York Tied to Narrowed Scope of Federal Corporate Transparency Act

In a recent article published by TaxNotes, our colleague Andrew Weiner commented on New York Governor Kathy Hochul’s veto of legislation that would have decoupled the state’s LLC Transparency Act from the federal Corporate Transparency Act.

The veto keeps New York’s beneficial ownership disclosure regime aligned with the narrowed federal rules, raising state and local tax–related compliance and administrative questions for foreign-formed and multistate LLCs doing business in New York. The article discusses the resulting uncertainty, including the absence of state guidance and the potential for ongoing state-level filing obligations that do not exist under federal law. 

 To read more (article behind TaxNotes paywall): New York Tied to Narrowed Scope of Federal Corporate Transparency Act | Tax Notes