May 25, 2016 •
New York Governor Seeks to Close Fundraising Loophole
Gov. Andrew Cuomo has proposed eight bills to the state Legislature to close a controversial loophole in campaign finance law permitting limited liability companies (LLCs) to make donations up to $60,800 per statewide candidate, with an aggregate limit of $150,000. […]
Gov. Andrew Cuomo has proposed eight bills to the state Legislature to close a controversial loophole in campaign finance law permitting limited liability companies (LLCs) to make donations up to $60,800 per statewide candidate, with an aggregate limit of $150,000.
Each bill offers different levels of control over LLC funding with one seeking to close the loophole for all candidates running for state office, another impacting only gubernatorial and state Legislature candidates, and four separate bills aiming to close the loophole for at least one state office.
All of the bills propose to bring the LLC contribution limit in line with state limits on corporate contributions to candidates and committees, which are currently set at $5,000 annually.
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