Bill Text: NY A05656 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 5656 (Prior Session Legislation)

Introduced

Bill Title: Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of the campaign contribution limit; applies additional disclosure requirements to certain corporations including the names and addresses of parent corporations and individuals who own or control shares of either the parent or subsidiary corporation.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Introduced - Dead) 2017-12-15 - enacting clause stricken [A05656 Detail]

Download: New_York-2017-A05656-Introduced.html



                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 corpo-
          rate subsidiaries for purposes  of  the  application  of  contribution
          limits and reporting requirements
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1.  Section 14-102 of the election law is amended by adding  a
     2  new subdivision 6 to read as follows:
     3    6.  As to receipts from corporations, the statements shall include the
     4  name and address of (a) each corporation  from  which  it  has  received
     5  anything  of  value,  (b)  the  name  of  each  corporation that owns or
     6  controls fifty percent or more of the shares of  that  corporation,  (c)
     7  the  names  and  addresses  of each individual who is part of a group of
     8  individuals that owns or controls fifty percent or more of the shares of
     9  either corporation.
    10    § 2. Section 14-116 of the election law is amended  by  adding  a  new
    11  subdivision 3 to read as follows:
    12    3. For purposes of this section, the term "corporation" means a parent
    13  corporation  and all of its subsidiaries of which the parent corporation
    14  owns fifty percent or more of  the  outstanding  shares  and  any  other
    15  corporation  of which a combination of individuals that owns or controls
    16  fifty percent or more of the outstanding shares  of  the  parent  corpo-
    17  ration  also  owns  or controls fifty percent or more of the outstanding
    18  shares.
    19    § 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