The Business Council opposes this legislation that extends the state’s current cap on campaign contributions by incorporated entities to apply to limited liability companies as well. Under the state Election Law, corporations are limited to $5,000 in aggregate annual contributions to political campaigns. This bill also requires that contributions by LLCs be attributed to each member of the LLC in proportion to the member's ownership interest in the LLC.
Our concern with this bill is that it places further limit just one category of participants in the political process instead of taking a holistic view of the entire system to make meaningful and evenhanded reforms.
For these reasons, The Business Council of New York State, Inc. opposes this bill.