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NY A00586
Bill
Status
1/8/2025
Primary Sponsor
William Magnarelli
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AI Summary
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Amends Election Law section 14-120 regarding campaign contributions from limited liability companies (LLCs)
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Requires LLC campaign contributions exceeding $2,500 to be attributed to individual LLC members based on their proportional ownership interest
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Contributions at or below $2,500 from LLCs would not require attribution to individual members
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Builds on existing 2019 law (Chapter 4) that established the framework for attributing LLC contributions to members
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Takes effect immediately upon passage
Legislative Description
Provides that for contributions that exceed twenty-five hundred dollars, when a campaign contribution is attributed to a limited liability company, such contributions shall be further attributed to each member of the limited liability company in proportion to the member's ownership interest in the limited liability company.
Last Action
referred to election law
1/7/2026