June 9, 2016 •
New York Senator Seeks Transparency in LLC Contributions
Sen. Patrick Gallivan has introduced a bill to increase transparency when corporations contribute through limited liability companies (LLCs).
Under the current law, corporations may contribute $5,000 per year to a candidate, while LLCs may give up to $60,800. As a result, many corporations set up LLCs in order to contribute in excess of contribution caps, and there is no limit on the number of LLCs a corporation may create.
Senate Bill 8035 would require corporations creating LLCs to identify themselves. Unlike other proposed legislation focused on the “LLC loophole,” this bill would not lower the amount an LLC may contribute.
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