March 1, 2024, the NY LLCTA became fully enacted. It takes effect on January 1, 2026.
Under the NY LLCTA, LLCs formed or registered to do business in New York are required to disclose to the New York Department of State in their formation or registration documents, as applicable, the same beneficial ownership information required to be disclosed under the Federal CTA .
While both pieces of legislation have similar goals and impose similar disclosure obligations, they differ drastically in terms of the use and availability of the information submitted.
- NY LLCTA only applies to LLCs; where CTA applies to all entities.
- NY LLCTA requires an annual filing; CTA does not.
- NY LLCTA requires an affirmative reporting of exemption status; CTA does not.
- NY LLCTA does not have an equivalent to the FinCEN identifier number.
- NY LLCTA provides for a $250 fine if delinquency continues for two years and is not remedied within 60 days of notice thereof.
- The final NY LLCTA also provides for a $591 per day fine for violations of the Act.