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  • Writer's pictureNYS Assembly (R) Offices of Research and Public Policy

Albany Legislative Update - January 18, 2024

Floor News

Martin Luther King, Jr. Day

• On 1/16, the Assembly adopted a resolution (K.739) commemorating the observance of the 39th Annual Martin Luther King, Jr. Day in the State of New York.

Committee News

Corporations, Authorities and Commissions

• Despite unanimous Republican opposition, the Corporations, Authorities, and Commissions Committee reported a bill (A.8544) enacting a chapter amendment to a 2023 law, the “LLC Transparency Act” (A.3484-A of 2023), which mandates the disclosure of beneficial owners of domestic and foreign LLCs and requires certain identifiers to be publicized in a business entity database.

o This chapter amendment adds additional requirements to the LLC Transparency Act such as mandating that the Department of State suspend any LLC from conducting business in-state that fails to file its beneficial owner disclosure or attestation of exemptions until it makes the necessary filings and empowering the Attorney General to assess fines of up to $500 for each day an LLC fails to provide such required documentation.

o This chapter amendment also broadens the Attorney General’s investigatory powers, culminating in the ability to bring an action to dissolve or cancel a domestic LLC (or annul the authority of a foreign LLC) that is delinquent in filing paperwork or that provides false or fraudulent information.

▪ This bill was reported to Codes

Week In Focus

• On January 16, Governor Hochul released her $233 billion Executive Budget.

Joint Legislative Budget hearings begin next week (held in Hearing Room B) with Health (1/23), Transportation (1/24), and Public Protection (1/25).

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