Bill Text: NY S00339 | 2015-2016 | General Assembly | 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.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2016-01-06 - REFERRED TO ELECTIONS [S00339 Detail]
Download: New_York-2015-S00339-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 339 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sen. HOYLMAN -- 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 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 S 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 S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00946-01-5