Bill > S04266

This bill enacts the "Corporate Political Activity Accountability to Shareholders Act," which requires corporations across various sectors (including business, cooperative, not-for-profit, railroad, transportation, banking, and limited liability companies) to obtain prior shareholder authorization before making political contributions or independent expenditures. Specifically, corporations must annually secure approval from a majority of shareholders for political contributions up to a stated aggregate annual amount for a specific business purpose. The bill defines "contributions" broadly to include monetary gifts, loans, or anything of value provided to political committees, and "independent expenditures" as communications advocating for or against candidates or ballot proposals. Corporations must also annually disclose details of their political spending to shareholders and the secretary of state, including the date, amount, and recipient of each contribution or expenditure. The secretary of state is required to post these disclosures on their website, and the attorney general is empowered to enforce these provisions. The law aims to increase transparency and shareholder oversight of corporate political spending by ensuring that such expenditures are explicitly approved by the corporation's owners.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4266