Cuomo Working to Close LLC Loopholes on Contributions

Governor Andrew Cuomo has announced he is advancing legislation to close the LLC loophole in New York State. Cuomo has introduced eight bills – one for all political offices and one for each of the state’s elected offices – requiring that limited liability corporations be treated as traditional corporations, capping political contributions at $5,000. The bills would prevent LLCs from circumventing disclosure requirements and ensure that businesses do not wield an outsized influence in politics and elections across the state. The LLC loophole is widely open to abuse – with companies regularly taking advantage of the gap in state law to set up numerous LLCs to donate millions of dollars to political campaigns, candidates for public office and elected officials. The Governor has tried to pass legislation before to no avail. “Pass all of them, or as many as you’d like” stated Cuomo, “but at a minimum, pass the one impacting anyone running for the office of the Governor. I will go first – pass it and I will sign it into law today.”

Snow Closings Updated Regularly

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