What's happening
This bill requires that campaign contributions from LLCs exceeding $2,500 be attributed to each member based on ownership share.
Why it matters
Increases transparency of large political donations from LLCs. By requiring that only contributions over $2,500 from LLCs be broken down and attributed to individual members, the bill aims to make it clearer who is behind significant campaign funding, reducing opportunities to obscure the true source of large donations.
Limits circumvention of individual contribution limits. This measure addresses a common loophole where individuals use LLCs to exceed legal donation caps, by ensuring that any large LLC contribution is counted toward the contribution limits of each member based on their ownership share.
Potentially impacts political fundraising strategies. Candidates and donors relying on LLCs for large contributions may need to adjust their approach, as the new rule could deter the use of LLCs to aggregate donations and avoid disclosure or legal limits.
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Who cares
Headline styles
Limit LLC Campaign Contributions
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
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
586
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. MAGNARELLI -- read once and referred to the Committee on Election Law
AN ACT to amend the election law, in relation to certain political campaign contributions
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 3 of section 14-120 of the election law, as added by chapter 4 of the laws of 2019, is amended to read as follows:
(b) If, by application of paragraph (a) of this subdivision, a campaign contribution is attributed to a limited liability company, the contributions shall be further attributed to each member of the limited liability company in proportion to the member's ownership interest in the limited liability company for contributions that exceed twenty-five hundred dollars.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01291-01-5
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.