NY S05147

Allows elected candidates to establish separate entities (other than political committees) to accept donations and loans for transition and inauguration expenses, subject to registration with the board of elections.

Prohibits transfer of funds from campaign political committees to transition entities and limits donations to transition entities to the same contribution limits applicable to the candidate's office under election law.

Requires transition entities to stop incurring liabilities after January 31 in the year following the election and prohibits acceptance of donations after all liabilities are paid.

Prohibits use of transition and inauguration contributions for personal expenses unrelated to taking office, including residential costs, clothing, entertainment, family member compensation above fair market value, and vehicle purchases or leases.

Authorizes the state board of elections to issue binding advisory opinions on whether proposed expenditures constitute personal use of contributions; act takes effect December 15 following enactment.