The legislation would make Limited Liability Companies subject to the existing contribution limits for corporations. This bill would also increase transparency by requiring disclosure of the identity of individuals with membership interests in LLCs.
“This legislation is designed to make political campaigns more transparent," Assemblywoman Jenne said.
"We have passed this legislation in the past, and I would urge our colleagues in the senate to join us in passing this common sense campaign finance reform measure," she added.
"We have all seen the role big money and special interests have played in buying access and influence. It is simply unacceptable. North Country residents - and residents around the state - need campaign contributions to be open and transparent so they fully understand the players in the electoral process," according to Assemblywoman Jenne.
"By closing this loophole, we will be able to limit big spenders who try to circumvent campaign finance laws, take big money out of politics and ensure everyone plays by the same rules,” Assemblywoman Jenne noted.
According to the state Board of Elections, LLCs are treated the same as individuals, which allows an individual to make multiple contributions to the same candidate or committee through separate LLCs.
The Assembly’s ethics reforms would clarify election law to treat LLCs like corporations, holding them to an aggregate $5,000 contribution limit.
Assemblywoman Jenne said the Federal Election Commission treats LLCs as corporations or partnerships rather than individuals for campaign finance purposes. She noted provisions included in the legislation she cosponsored that passed in the state Assembly Monday would require LLCs to follow the same regulations that already apply to corporations under New York law.
She reiterated the legislation would increase transparency by requiring disclosure of the identity of individuals with membership interests in LLC and would ensure the loophole is fully closed by attributing LLC contributions to each LLC member in a manner similar to that provided for under current law for partnerships.
"This is simply an effort to clarify election law and close an egregious loophole that has allowed certain individuals to have far greater power in the electoral process than the average New Yorker. This legislation is aimed at leveling the playing field," Assemblywoman Jenne stressed.
According to the state Board of Elections, LLCs are treated the same as individuals, which allows an individual to make multiple contributions to the same candidate or committee through separate LLCs.
The Assembly’s ethics reforms would clarify election law to treat LLCs like corporations, holding them to an aggregate $5,000 contribution limit.
Assemblywoman Jenne said the Federal Election Commission treats LLCs as corporations or partnerships rather than individuals for campaign finance purposes. She noted provisions included in the legislation she cosponsored that passed in the state Assembly Monday would require LLCs to follow the same regulations that already apply to corporations under New York law.
She reiterated the legislation would increase transparency by requiring disclosure of the identity of individuals with membership interests in LLC and would ensure the loophole is fully closed by attributing LLC contributions to each LLC member in a manner similar to that provided for under current law for partnerships.
"This is simply an effort to clarify election law and close an egregious loophole that has allowed certain individuals to have far greater power in the electoral process than the average New Yorker. This legislation is aimed at leveling the playing field," Assemblywoman Jenne stressed.