On March 1, 2024, New York Governor Kathy Hochul signed an amendment (chapter amendment) (Legislation S.8059/A.8544) to the LLC Transparency Act (NYLTA) into law. The chapter amendment takes effect immediately and extends the NYLTA's effective date from December 21, 2024 to January 1, 2026.

The NYLTA and the chapter amendment both revise the New York Limited Liability Company Law (NY LLCL) (NY LLCL §§ 101 et seq.) but the chapter amendment repeals or amends the NYLTA's revisions. As revised, the NY LLCL will require certain LLCs organized or qualified in New York to disclose beneficial ownership information (BOI), including each beneficial owner's and applicant's full legal name, date of birth, current home or business street address, and identification number, to the New York State Department of State. The chapter amendment also removed the requirement in the NYLTA that the BOI be publicly available. For more information about the NY LLCL, as revised by the chapter amendment, see Practice Note, New York LLC Transparency Act (NYLTA) Beneficial Ownership Reporting.

The NY LLCL's new BOI reporting requirements are similar to those issued by the US Department of the Treasury's Financial Crimes Enforcement Network under the federal Corporate Transparency Act (CTA). For more information on the CTA, see Practice Note, Corporate Transparency Act (CTA) Beneficial Ownership Reporting and Corporate Transparency Act (CTA) Toolkit.