Senate Democrats press vote on LLC loophole
Apr 28, 2015 6:35 am
Casey Seiler is reporting at Capitol Confidential the state Senate minority Mon., Apr. 27, pushed for legislative action on a bill that would close the loophole that allows limited liability companies to donate as if they were individual entities and not tentacles of larger business concerns. Sen. Daniel Squadron’s bill would treat LLCs like corporations or other joint-stock entities for the purposes of campaign limits. The state Board of Elections deadlocked last week on a proposal to revisit its 1996 ruling that created the loophole. Approximately an hour after the Democrats’ press conference Monday, the Elections Committee met and approved the bill, moving it to Corporations for further consideration. Gov. Andrew M. Cuomo included the LLC loophole closure in his executive budget proposal, but did not make it one of his five mandatory ethics fixes in the final fiscal plan. The governor’s campaign is the state’s most successful recipient of LLC dollars. Read the full story at Capitol Confidential, a Times Union blog.