LLC loophole bill stalls in Senate committee
May 13, 2015 6:50 am
Chris Bragg is reporting at Capitol Confidential Sen. Daniel Squadron’s effort to secure a committee vote on a bill to close the “LLC loophole” was quashed May 12. Bragg writes it is quite possibly finished for the year after the Senate Committee on Corporations failed to take action. The Brooklyn Democrat's bill would treat LLCs like corporations or other joint-stock entities, which have $5,000 annual donation limits. Under a current state Board of Elections ruling, each of a developer’s LLCs can give up to $150,000 each annually, the same as a single individual. Senate Democrats are strongly in favor of closing the loophole, but the chamber’s Republicans do not appear eager to go on record on the matter. The Assembly passed a bill similar to Squadron’s, May 12. Read the full story at Capitol Confidential, a Times Union blog.