|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to elections|
|Jan 28, 2013||referred to elections|
senate Bill S2968
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2968 - Details
S2968 - Summary
Treats parent corporations and their 50% or more owned subsidiaries as one entity for purposes of the applicability of the $5,000 campaign contribution limit; applies additional disclosure requirements to certain corporations including the names and addresses of parent corporations and individuals who own or control shares of either the parent or subsidiary corporation.
S2968 - Sponsor Memo
BILL NUMBER:S2968 TITLE OF BILL: An act to amend the election law, in relation to the treatment of corporate subsidiaries for purposes of the application of contribution limits and reporting requirements PURPOSE: To include corporations owned or controlled by a parent corpo- ration or the individuals who own or control the parent corporation within the same $5,000 limit on the amount of the parent corporation's contributions to political party committees and political candidates. To require disclosure of the names and addresses of parent corporations and individuals who own or control related corporations. SUMMARY OF PROVISIONS: The bill amends section 14-116 of the election law to add a new subdivision defining "corporation" to include its subsidiaries and corporations owned and controlled by the same individ- ual or group of individuals that own or control the parent corporation. It also amends section 14-102 to require campaign reports to include the names and addresses of parent corporations and individuals who own or control shares of either the parent or subsidiary corporation. EXISTING LAW: Corporations are subject to a $5,000 limitation on contributions to political party committees and candidates. However, subsidiary corporations and corporations owned and controlled by the same principals are subject to a separate $5,000 limitation. There is no requirement that campaign reports contain information about corporate
S2968 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2968 2013-2014 Regular Sessions I N S E N A T E January 28, 2013 ___________ Introduced by Sen. GIPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Elections AN ACT to amend the election law, in relation to the treatment of corpo- rate subsidiaries for purposes of the application of contribution limits and reporting requirements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 14-102 of the election law is amended by adding a new subdivision 6 to read as follows: 6. AS TO RECEIPTS FROM CORPORATIONS, THE STATEMENTS SHALL INCLUDE THE NAME AND ADDRESS OF (A) EACH CORPORATION FROM WHICH IT HAS RECEIVED ANYTHING OF VALUE, (B) THE NAME OF EACH CORPORATION THAT OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE SHARES OF THAT CORPORATION, (C) THE NAMES AND ADDRESSES OF EACH INDIVIDUAL WHO IS PART OF A GROUP OF INDIVIDUALS THAT OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE SHARES OF EITHER CORPORATION. S 2. Section 14-116 of the election law is amended by adding a new subdivision 3 to read as follows: 3. FOR PURPOSES OF THIS SECTION, THE TERM "CORPORATION" MEANS A PARENT CORPORATION AND ALL OF ITS SUBSIDIARIES OF WHICH THE PARENT CORPORATION OWNS FIFTY PERCENT OR MORE OF THE OUTSTANDING SHARES AND ANY OTHER CORPORATION OF WHICH A COMBINATION OF INDIVIDUALS THAT OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE OUTSTANDING SHARES OF THE PARENT CORPO- RATION ALSO OWNS OR CONTROLS FIFTY PERCENT OR MORE OF THE OUTSTANDING SHARES. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03202-01-3
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