What's happening
This bill requires corporations to notify shareholders and publicly disclose political expenditures, with penalties for noncompliance.
Why it matters
Requires corporations to rapidly inform shareholders (within 48 hours) of any political spending. , increasing transparency and allowing shareholders to respond or raise concerns about the corporation’s involvement in politics.
Mandates public online disclosure and detailed annual reports of all political expenditures. , ensuring ongoing public accountability and making it harder for companies to quietly support political causes or candidates without notice.
Empowers the Attorney General with broad enforcement tools—including fines, injunctions, and restitution—against corporations that violate these disclosure rules. , signaling serious legal and financial consequences for noncompliance and potentially deterring undisclosed political activity.
Defines “political expenditure” broadly to include not just direct donations but also gifts, transfers, or anything of value intended to influence elections. , closing potential loopholes and ensuring comprehensive reporting of political involvement.
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Who cares
Corporations making political expenditures
They would have to notify requesting stockholders electronically and post notices on any corporate website within 48 hours, plus list all political expenditures in annual reports.
Corporate stockholders
Those requesting notice would receive the amount, recipient, date and purpose of each political expenditure within 48 hours.
New York attorney general
The bill would authorize enforcement actions seeking injunctions, civil penalties of up to $5,000 per violation and other relief.
Headline styles
Disclose Corporate Political Spending
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to election law
- Referred to election law
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1581
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
Introduced by M. of A. WOERNER -- read once and referred to the Committee on Election Law
AN ACT to amend the business corporation law, in relation to requiring notice for political expenditures
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The business corporation law is amended by adding a new section 521 to read as follows: § 521. Political expenditures.
(a) For purposes of this section, "political expenditure" means a contribution, gift, transfer, disbursement, or promise of money or a thing of value to promote or assist in the promotion of the success or defeat of a candidate, political party, or question in any state or federal election. (1) Within forty-eight hours after making a political expenditure, the corporation shall: (A) give notice of the political expenditure by electronic transmission to each stockholder that has requested notice and (B) if the corporation maintains a web site, post notice of the political expenditure on the website.
(2) The notice shall state the amount, recipient, date, and purpose of the political expenditure.
(b) The annual report of the corporation shall contain a list of all political expenditures made by the corporation during the reporting period, including the amount, recipient, date, and purpose of each political expenditure.
(c) Whenever it appears to the attorney general that any person has engaged in any act or practice constituting a violation of any provision of this section, the attorney general may bring an action to obtain one or more of the following remedies:
(1) a temporary restraining order;
(2) a temporary or permanent injunction;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03376-01-7
A. 1581 2
(3) a civil penalty not exceeding five thousand dollars for any violation of this section;
(4) a declaratory judgement;
(5) rescission;
(6) restitution; and
(7) any other appropriate relief.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.