Bill > S05093

This bill amends Section 14-116 of the election law to include limited liability companies (LLCs) in the existing regulations regarding political contributions. Previously, corporations and joint-stock associations were prohibited from using money or property for political parties, committees, organizations, candidates, or any political purpose, with exceptions for organizations solely for political purposes. This bill inserts "Limited liability company" into these prohibitions, meaning LLCs will now be subject to the same restrictions as corporations. Additionally, the bill modifies a provision that allowed corporations to make political expenditures up to a certain amount. It now explicitly states that "any limited liability company" can also make expenditures, including contributions, not otherwise prohibited by law, in an amount not to exceed one thousand dollars in the aggregate in any calendar year, a change from the previous limit of five thousand dollars for corporations. This means LLCs will be treated similarly to corporations in terms of their ability to make limited political contributions.