New York Proposes to Close the LLC Campaign Finance Loophole

Under New York Campaign finance law, corporations are limited to $5,000 in campaign contributions per year. This limitation, however, has not applied to LLC’s.  Legislation (S.1101 & A.776) that will be included as part of a larger election reform package, proposes to close this loophole.  This means that LLC’s may be held to the $5,000 campaign limit that now applies to corporations.  This bill would also increase transparency by requiring disclosure of the identity of individuals with membership interests in LLCs and attribute contributions to members of LLCs.

 

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