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Sponsors
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that limited liability companies are not allowed to make political contributions to candidates for elected offices
In Assembly Committee · Election Law · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the limited liability company law and the election law, in relation to campaign contributions
Purpose
To prohibit limited liability companies from making campaign contributions.
Summary of provisions
Section 1 of the bill would amend the limited liability law to add a new section 1105 that would prohibit limited liability companies from making campaign contributions.
Section 2 of the bill would amend section 14-114 of the election law to add a new subdivision 9 that would prohibit limited liability companies from making campaign contributions.
Section 3 of the bill specifies the effective date.
Justification
It is widely believed that our campaign finance laws need substantial changes to ensure the integrity of elections in our state. This bill does not address the broad range of issues that might be addressed in a comprehensive reform package. However, this bill would close one enormous loophole in the current system. Under current law, as interpreted by the judiciary, each LLC is considered a separate contributor and may make the maximum allowable contribution. Since a single individual or a small group of individuals often control multiple limited liability companies (LLCs)-in some cases a very large number of such LLCs-the treatment of these LLCs as separate contributors effectively allows one or more individuals to make a virtually unlimited amount of campaign contributions. In addition, making contributions through LLCs often serves to mask the identity of the individuals making the choice to contribute.
This bill would rectify this by simply banning contributions from LLCs, as has already been done in New York City for municipal elections and in other jurisdictions.
Prior legislative history
This is a new bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.