New York Poised to Unmask Owners of Shell Companies

The week in state tax news: New York is on the verge of doing something unprecedented in both state and federal law, which is to create a searchable database of the beneficial owners of shell companies. Meanwhile, New Jersey and Minnesota enacted conflicting laws addressing the taxation of GILTI, global intangible low-taxed income. And Puerto Rico isn’t seeing the benefits it expected under the federal Opportunity Zones program.

This year’s award for the least noticed but most consequential bit of state tax legislation goes to New York and its LLC Transparency Act—a short bill with a big heart ...