Gov. Kathy Hochul (D) approved a bill requiring limited liability companies to disclose their beneficial owners, but lawmakers agreed to keep that information from being listed publicly.
The move eliminates a key aspect of the legislation, S995B, that proponents have said would help peel away a layer of anonymity that can be exploited to avoid taxes, launder money, and cheat construction workers out of wages. More than one-third of Manhattan properties are owned by LLCs, a structure that can help foreign property owners avoid paying taxes in their home countries, according to an analysis by Reinvent Albany, a good ...