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IMPORTANT: On December 19, 2025, New York Governor Kathy Hochul vetoed Senate Bill 8432, a proposed amendment to the New York Limited Liability Company Transparency Act (NY LLC Transparency Act) that would have broadened its scope.
In her message, Hochul explained that imposing requirements beyond what the federal law mandates was not in the state’s interest and would create additional burdens on businesses.
The practical result of the recent veto? When the NY LLC Transparency Act takes effect on January 1, 2026, it will remain tied to the federal definitions and therefore will apply only to LLCs formed outside the United States that are registered to do business in New York. Domestic LLCs are exempt.
What The Recent Veto Means for LLCs:
Foreign LLCs registered in New York must still file BOI reports with the New York Department of State — generally within 30 days of authorization to do business, or by January 1, 2027 for existing registrations.
Domestic LLCs: No state filing requirement under the NY LLC Transparency Act at this time.
In summary, the veto means that New York aligns its LLC reporting scope with the narrowed federal framework, meaning most U.S.-organized LLCs remain exempt from state-level reporting — for now.
We will continue sharing updates if/when the reporting mandate evolves or changes.
