NY A01783

Requires corporations to obtain majority shareholder approval before making political expenditures, defined as contributions to candidates, political parties, political committees, or ballot questions.

Mandates shareholders authorize both the total dollar amount for political spending during a fiscal year and specify which candidates, parties, committees, tax-exempt entities, or ballot measures may receive funds.

Requires corporations to notify shareholders within 48 hours of making any political expenditure via electronic transmission and website posting (if maintained), including the amount, recipient, date, and purpose.

Allows shareholders who disagree with approved political expenditures to request a pro rata rebate equal to their ownership percentage of the corporation.

Prohibits corporations from making political expenditures if a majority of shares are owned by entities that cannot take political positions, including state and local pension funds, mutual funds, insurance companies, foundations, churches, and universities.