Requires statewide elected officials to report outside earnings to the nearest thousand dollar amount

1 Co-sponsor

• Teresa Sayward

BILL NUMBER:A9560

Title of bill

An act to amend the public officers law, in relation to financial disclosure by statewide elected officials

Purpose or general idea of bill

Requires members of the legislature to report outside income in excess of one thousand dollars to the nearest thousand dollars.

Summary of specific provisions

To list outside income to the nearest thousand dollars earned by a member of the legislature when completing the annual financial disclosure requirements.

Justification

Currently, members of the state legislature are required to report the amount of outside income when filing their annual financial disclosure paperwork within the following 6 different income categories: Category A - under $5,000; Category B - $5,000 to $20,000; Category C -$20,000 to $60,000; Category D - $60,000 to $100,000; Category E - $100,000 to $250,000; and Category F - $250,000 and over. These categories are far too broad, specifically categories E and F. Legislators should be required to report their income to the nearest thousand dollars for each source. Residents of New York have a right to know how much their elected officials make outside of their job as a legislator. The current requirement of reporting within categories does not provide specific enough information for the people of New York.

Prior legislative history

New bill.

Fiscal implications

None

Effective date

This act shall take effect immediately.