Bill Text: NY S00015 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to contributions made by a limited liability company; requires contributions made by a limited liability company to be attributed to each member in proportion to the member's ownership interest in the limited liability company.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO ELECTIONS [S00015 Detail]
Download: New_York-2017-S00015-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 15 2017-2018 Regular Sessions IN SENATE (Prefiled) January 4, 2017 ___________ Introduced by Sens. KAMINSKY, ADDABBO, AVELLA, HOYLMAN, LATIMER, SQUA- DRON, STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Elections AN ACT to amend the election law, in relation to contributions made by a limited liability company The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 10 of section 14-114 of the election law, as 2 added by chapter 79 of the laws of 1992, is amended to read as follows: 3 10. [a.] No contributor may make a contribution to a party or consti- 4 tuted committee and no such committee may accept a contribution from any 5 contributor which, in the aggregate, is greater than [sixty-two thousand6five hundred] fifteen thousand dollars per annum. 7 [b. At the beginning of each fourth calendar year, commencing in nine-8teen hundred ninety-five, the state board shall determine the percentage9of the difference between the most recent available monthly consumer10price index for all urban consumers published by the United States11bureau of labor statistics and such consumer price index published for12the same month four years previously. The amount of such contribution13limit fixed in paragraph a of this subdivision shall be adjusted by the14amount of such percentage difference to the closest one hundred dollars15by the state board which, not later than the first day of February in16each such year, shall issue a regulation publishing the amount of such17contribution limit. Such contribution limit as so adjusted shall be the18contribution limit in effect for any election held before the next such19adjustment.] 20 § 2. Section 14-120 of the election law is amended by adding two new 21 subdivisions 3 and 4 to read as follows: 22 3. (a) Notwithstanding any law to the contrary, all contributions made 23 to a campaign or political committee by a limited liability company EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03970-01-7S. 15 2 1 shall be attributed to each member of the limited liability company in 2 proportion to the member's ownership interest in the limited liability 3 company. Such contributions shall count towards the contribution limits 4 of such persons. Nothing herein shall permit the limited liability 5 company itself from contributing more than authorized pursuant to the 6 receipt limitations in section 14-114 of this article. 7 (b) If, by application of paragraph (a) of this subdivision, a 8 campaign contribution is attributed to a limited liability company or 9 the other corporate entity, the contributions shall be further attri- 10 buted to each member of the limited liability company or other corporate 11 entity in proportion to the member's ownership interest in the limited 12 liability company. 13 (c) The state board of elections shall enact regulations that prevent 14 the avoidance of the rules set forth in paragraphs (a) and (b) of this 15 subdivision. 16 4. Each limited liability company that makes a contribution, or 17 expenditure for political purposes shall file with the state board of 18 elections, by December thirty-first of the year in which the expenditure 19 is made, on the form prescribed by the state board of elections, the 20 identity of all direct and indirect owners of the membership interests 21 in the limited liability company and the proportion of each direct or 22 indirect member's ownership interest in the limited liability company. 23 § 3. Subdivision 1 of section 14-102 of the election law, as amended 24 by chapter 8 and redesignated by chapter 9 of the laws of 1978, is 25 amended to read as follows: 26 1. The treasurer of every political committee which, or any officer, 27 member or agent of any such committee who, in connection with any 28 election, receives or expends any money or other valuable thing or 29 incurs any liability to pay money or its equivalent shall file state- 30 ments sworn, or subscribed and bearing a form notice that false state- 31 ments made therein are punishable as a class A misdemeanor pursuant to 32 section 210.45 of the penal law, at the times prescribed by this article 33 setting forth all the receipts, contributions to and the expenditures by 34 and liabilities of the committee, and of its officers, members and 35 agents in its behalf. Such statements shall include the dollar amount of 36 any receipt, contribution or transfer, or the fair market value of any 37 receipt, contribution or transfer, which is other than of money, the 38 name and address of the transferor, contributor or person from whom 39 received, [and] the identity of all direct and indirect owners and any 40 contribution attributed to the membership interests in a limited liabil- 41 ity company and the proportion of each direct and indirect member's 42 ownership interest, and if the transferor, contributor or person is a 43 political committee; the name of and the political unit represented by 44 the committee, the date of its receipt, the dollar amount of every 45 expenditure, the name and address of the person to whom it was made or 46 the name of and the political unit represented by the committee to which 47 it was made and the date thereof, and shall state clearly the purpose of 48 such expenditure. Any statement reporting a loan shall have attached to 49 it a copy of the evidence of indebtedness. Expenditures in sums under 50 fifty dollars need not be specifically accounted for by separate items 51 in said statements, and receipts and contributions aggregating not more 52 than ninety-nine dollars, from any one contributor need not be specif- 53 ically accounted for by separate items in said statements, provided 54 however, that such expenditures, receipts and contributions shall be 55 subject to the other provisions of section 14-118 of this article. 56 § 4. This act shall take effect immediately.