New York State Assembly

Bill No.:  

 
•  Summary 
 
•  Actions 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

---

A00555 Summary:

BILL NO	A00555
SAME AS	No same as
SPONSOR	Wright
COSPNSR
MLTSPNSR
Amd S14-116, El L
Provides that for purposes of political contribution limitations the term corporation shall be deemed to include a limited liability company.

Go to top    

---

A00555 Actions:

BILL NO	A00555
01/03/2007	referred to election law
01/09/2008	referred to election law

Go to top

---

A00555 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A555
 
SPONSOR: Wright

 
TITLE OF BILL:  An act to amend the election law, in relation to poli-
tical contributions by corporations
 
 
PURPOSE OR GENERAL IDEA OF BILL:  To close a loophole that allows
campaign contributions by limited liability companies to be treated as
individual contributions for limitation purposes
 
 
SUMMARY OF SPECIFIC PROVISIONS: The bill adds a new subdivision to
section 14-116 of the election law to provide that the term "corpo-
ration" - includes a limited liability company for purposes of the

section which limits contributions by corporations to five thousand
dollars.
 
 
JUSTIFICATION: The election law limits the contributions that a corpo-
ration can make to political campaigns to $5000 per calendar year. It is
silent with respect to limited liability companies. To make it clear
that such limited liability companies are not "individuals" and may not
make contributions in the amount allowed by individuals, the term limit-
ed "corporation" is defined to include liability companies.
 
 
 
PRIOR LEGISLATIVE HISTORY:. 2006 - A.10997
 
 
FISCAL IMPLICATION: None
 
 
EFFECTIVE DATE: This act shall take effect immediately

Go to top

---

A00555 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           555
 
                               2007-2008 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 3, 2007
                                       ___________
 
        Introduced by M. of A. WRIGHT -- read once and referred to the Committee
          on Election Law
 
        AN ACT to amend the election law, in relation to political contributions
          by corporations
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Section 14-116 of the election law is amended by  adding  a
     2  new subdivision 3 to read as follows:
     3    3.  For  purposes of this section "corporation" means a corporation or
     4  limited liability company.
     5    § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01261-01-7

Go to top