Bill > S00371

This bill, known as the "democracy preservation act," aims to prohibit contributions by foreign-influenced business entities to state or local elections in New York. It defines a "foreign-influenced" business entity as one where a single foreign owner holds at least 1% of the equity or voting shares, or where two or more foreign owners collectively hold at least 5% of the equity or voting shares, or where a foreign owner participates in the entity's political decision-making. The bill requires such business entities to file a certification with the state board of elections confirming they are not foreign-influenced before making any political contributions or expenditures. Violations of these provisions would be considered a class E felony, subject to civil penalties.