Signed by Governor Andrew Cuomo

Vote Smart's Synopsis:

Vote to pass a bill that limits campaign contributions by closing an LLC loophole.

Highlights:

• Requires that all limited liability companies that make expenditures or contributions for political purposes, file with the state board of elections by December 31 of the year they make the expenditure, and identify all direct and indirect owners of the membership interests in the limited liability company (Sec. 1).

• Requires that all contributions made to a campaign or political committee by a limited liability company be attributed to each member of the limited liability company in proportion to the member’s ownership interest (Sec. 1).

• Authorizes the state board of elections to enact regulations that prevent the avoidance of the rules set forth in the above mentioned sections (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that limits campaign contributions by closing an LLC loophole.

Highlights:

• Requires that all limited liability companies that make expenditures or contributions for political purposes, file with the state board of elections by December 31 of the year they make the expenditure, and identify all direct and indirect owners of the membership interests in the limited liability company (Sec. 1).

• Requires that all contributions made to a campaign or political committee by a limited liability company be attributed to each member of the limited liability company in proportion to the member’s ownership interest (Sec. 1).

• Authorizes the state board of elections to enact regulations that prevent the avoidance of the rules set forth in the above mentioned sections (Sec. 1).

Full Bill Text