Bill Text: NY S00015 | 2017-2018 | General Assembly | Introduced

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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

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                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 thousand
     6  five hundred] fifteen thousand dollars per annum.
     7    [b. At the beginning of each fourth calendar year, commencing in nine-
     8  teen hundred ninety-five, the state board shall determine the percentage
     9  of the difference between the most  recent  available  monthly  consumer
    10  price  index  for  all  urban  consumers  published by the United States
    11  bureau of labor statistics and such consumer price index  published  for
    12  the  same  month  four years previously. The amount of such contribution
    13  limit fixed in paragraph a of this subdivision shall be adjusted by  the
    14  amount  of such percentage difference to the closest one hundred dollars
    15  by the state board which, not later than the first day  of  February  in
    16  each  such  year, shall issue a regulation publishing the amount of such
    17  contribution limit. Such contribution limit as so adjusted shall be  the
    18  contribution  limit in effect for any election held before the next such
    19  adjustment.]
    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.
                                                                   LBD03970-01-7
        S. 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.