A proposed amendment to the New York State real estate transfer tax will impose a transfer tax on the conveyance of any interest (whether controlling or non-controlling) in an entity, 50% or more of the fair market value of which is attributable to real property located in New York State. This amendment will affect partnerships, LLCs, S-Corps, and non-publicly traded C-Corps with fewer than 100 shareholders. The proposal seeks to expand the Transfer Tax by applying it to the transfer of minority interests in entities that own New York real property if the entity’s assets consist primarily of New York real property.