NEW YORK (1010 WINS) — Amid Russia's brutal invasion of Ukraine, New York Sen. Brad Hoylman and Assemblywoman Emily Gallagher introduced a new bill on Tuesday to "shine a light" on New York's "murky" limited liability companies in order to target the assets of international oligarchies and more.
In addition, the New York City Democrats said their bill would also force tax scofflaws to pay their fair share and ensure bad landlords are accountable for their crimes.
Hoylman told 1010 WINS on Tuesday that the bill is crucial for public transparency.
"We have [no real] idea at the state level what assets are owned by foreign nationals, hidden under the guise of limited liability corporations," he said.
Hoylman and Gallagher said the legislation would require LLCs to disclose their owners to the NYS Department of State and to include that information on their annual tax returns.
It would also require the DOS to create a public database that would allow people to see which LLCs share common ownership, though individual information would be protected unless a Freedom of Information Act request was made.
"LLCs have operated in near total darkness for too long, and our legislation would shine a badly needed light on them," Hoylman said in a statement. "For the international super-rich, LLCs are used as shell companies to move vast sums of money without little concern of detection."
Gallagher said in a statement that their bill is "urgent" and "effective."
"Senator Holyman and I believe it's time to shine a light on shell corporations, such as LICs, so we can actually enforce the laws of our state, no matter how rich or powerful the business operator," she said. "Our legislation is simple, effective and urgent."
New York has already acted against Russia for its action in Ukraine.
Gov. Kathy Hochul signed an executive order Sunday forbidding her state from doing business with Russia, including cancelling its investments there.
The governor also said New York will welcome Ukrainian refugees in response to Russia’s invasion, noting at a press conference in Albany that her state is home to the largest Ukrainian population in the U.S.
"We have said we’ll open up our hearts, our homes, our resources to the people of the Ukraine, to say, ‘We stand with you,’" Hochul said. Federal estimates show that around 140,000 of the more than 1 million people in the U.S. who report Ukrainian ancestry live in New York.
The Associated Press contributed to this report.
Related
Related
