Despite efforts to move legislation closing New York’s LLC loophole to votes in the legislature, the Senate Elections Committee sent legislation to the Codes Committee where it is likely not to be acted on before the legislature adjourns.
Ashley Hupfl covered the story in City & State:
“Some legislators believe the increased scrutiny on corruption Albany makes now the time to close the so-called “LLC loophole,” but a bill that would do so remains stuck in committee.
The loophole, which treats limited liability companies as individuals under campaign finance laws, allows LLCs to anonymously contribute tens of thousands of dollars to campaigns, far exceeding how much an individual can give.
“The fact that we can have one person or one group of people with such outsized influence through the contributions of hundreds of thousands – if not more – dollars proves the system is broken and we can fix it,” state Sen. Daniel Squadron said during a press conference outside the Senate chambers on Monday morning. “So let’s do it. Today let’s start anew.”
Afterward, the state Senate Elections Committee on Monday afternoon ultimately voted to send the bill to the state Senate Codes Committee, rather than allow to it to the floor for a vote. Squadron had urged the committee not to send it the Codes Committee, since he said it is unlikely the bill would then be taken up before the end of session.”