Provides that for contributions that exceed twenty-five hundred dollars, when a campaign contribution is attributed to a limited liability company, such 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.
Summary
A00586 amends New York’s Election Law rules for attributing campaign contributions made through limited liability companies (LLCs). Under current law, a contribution can be attributed to an LLC; this bill adds that when the contribution exceeds $2,500, it must also be attributed to each LLC member in proportion to that member’s ownership interest. In practical terms, the bill is aimed at making the true source of larger political donations more transparent when the money is routed through an LLC.
The bill does not create a new contribution limit or ban LLC contributions outright. Instead, it changes how certain contributions are reported and traced for campaign finance purposes, with the effect of expanding disclosure and attribution requirements for larger LLC donations. The measure would take effect immediately if enacted.
Impact
The bill would amend section 14-120 of the Election Law, specifically the provision governing attribution of campaign contributions made through LLCs. It would require additional attribution of LLC contributions over $2,500 to individual members based on ownership shares, affecting campaign finance reporting, disclosure practices, and compliance obligations for LLCs, their members, and political committees receiving such contributions.
Sentiment
Based on the bill text and available context, the measure appears to be a transparency-focused campaign finance reform with no recorded committee debate or votes in the provided materials. The overall sentiment is therefore best characterized as neutral-to-supportive toward increased disclosure, with the bill framed as a technical amendment to improve attribution of political contributions.
Contention
The main point of potential contention is the treatment of LLCs as political donors and whether additional attribution rules should apply once contributions exceed $2,500. Supporters would likely view the bill as closing a disclosure gap and preventing circumvention of contribution transparency rules, while critics may argue it imposes added reporting burdens on LLCs and their members or raises privacy and administrative concerns. No specific opposing arguments or named stakeholders appear in the provided record.
Provides that for contributions that exceed twenty-five hundred dollars, when a campaign contribution is attributed to a limited liability company, such 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.
Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.
Requires that any limited liability company who files a rent registration statement shall include a list of all members of such limited liability company and each member's ownership interest.
Amends existing law to provide that the organizer of a limited liability company may use the street and mailing addresses of a company's commercial registered agent.