What's happening
This bill requires disclosure of parent corporations and controlling individuals for corporate political contributions, and applies contribution limits to parent corporations and their subsidiaries as a single entity.
Why it matters
Increases transparency by requiring disclosure of not just the immediate corporate donor, but also any parent corporations and individuals who control at least 50% of shares. , making it harder to obscure the true source of political contributions.
Limits the ability of large corporate groups to bypass campaign contribution limits by donating through multiple subsidiaries. treating parent companies and their subsidiaries as a single entity for contribution limit purposes.
Targets complex ownership structures and coordinated groups of individuals. , ensuring that controlling interests behind corporate donors are revealed and held to a single set of contribution limits, which could deter attempts to influence elections through layered or hidden ownership.
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Who cares
Headline styles
Limit Corporate Campaign Donations
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Enacting clause stricken
- Referred to election law
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5656
2017-2018 Regular Sessions
IN ASSEMBLY
February 14, 2017
Introduced by M. of A. KAVANAGH, WOERNER -- read once and referred to the Committee on Election Law
AN ACT to amend the election law, in relation to the treatment of corporate subsidiaries for purposes of the application of contribution limits and reporting requirements
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 14-102 of the election law is amended by adding a new subdivision 6 to read as follows:
6. As to receipts from corporations, the statements shall include the name and address of (a) each corporation from which it has received anything of value, (b) the name of each corporation that owns or controls fifty percent or more of the shares of that corporation, (c) the names and addresses of each individual who is part of a group of individuals that owns or controls fifty percent or more of the shares of either corporation.
§ 2. Section 14-116 of the election law is amended by adding a new subdivision 3 to read as follows:
3. For purposes of this section, the term "corporation" means a parent corporation and all of its subsidiaries of which the parent corporation owns fifty percent or more of the outstanding shares and any other corporation of which a combination of individuals that owns or controls fifty percent or more of the outstanding shares of the parent corporation also owns or controls fifty percent or more of the outstanding shares.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02733-01-7
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.