New York Governor Vetoes LLC Transparency Act Amendment
On December 19, 2025, New York Governor Kathy Hochul vetoed Senate Bill 8342, which would have amended New York’s LLC Transparency Act to require beneficial ownership disclosure from limited liability companies formed under New York law. The veto significantly narrows the scope of New York’s beneficial ownership reporting regime as it takes effect on January 1, 2026. S.8432 would have decoupled New York’s definition from federal law by codifying independent state-level definitions of “reporting company,” “beneficial owner,” and 23 exemption categories directly into the statute. This would have preserved disclosure requirements for domestic New York LLCs regardless of federal enforcement policy. However, as a result of the veto, the New York LLC Transparency Act’s scope is now limited to LLCs formed outside of the US that are registered to do business in New York.
Contact Scopelitis Attorneys Katie Feary-Gardner, J.D. Robinson, and Jordan Yu with questions.
News from Scopelitis is intended as a report to our clients and friends on developments affecting the transportation industry. The published material does not constitute an exhaustive legal study and should not be regarded or relied upon as individual legal advice or opinion.
New York Governor Vetoes LLC Transparency Act Amendment
On December 19, 2025, New York Governor Kathy Hochul vetoed Senate Bill 8342, which would have amended New York’s LLC Transparency Act to require beneficial ownership disclosure from limited liability companies formed under New York law. The veto significantly narrows the scope of New York’s beneficial ownership reporting regime as it takes effect on January 1, 2026. S.8432 would have decoupled New York’s definition from federal law by codifying independent state-level definitions of “reporting company,” “beneficial owner,” and 23 exemption categories directly into the statute. This would have preserved disclosure requirements for domestic New York LLCs regardless of federal enforcement policy. However, as a result of the veto, the New York LLC Transparency Act’s scope is now limited to LLCs formed outside of the US that are registered to do business in New York.
Contact Scopelitis Attorneys Katie Feary-Gardner, J.D. Robinson, and Jordan Yu with questions.
News from Scopelitis is intended as a report to our clients and friends on developments affecting the transportation industry. The published material does not constitute an exhaustive legal study and should not be regarded or relied upon as individual legal advice or opinion.