Effective January 31st of this year, Limited Liability Corporations (LLCs) are subject to new rules when making political contributions. These rules affect contributions to state and local (but not federal) candidates and political action committees. As such, any agency or brokerage incorporated as an LLC is subject to these new requirements when making a contribution to Big I NY's Independent Agents Political Action Committee (IAPAC).
- An LLC/PLLC is limited to a total of $5,000 in political contributions in a calendar year. Note this is a limit on all contributions, not per candidate or
- All contributions made to a campaign or political committee by an LLC/PLLC must be attributed to each member of the LLC/PLLC in proportion to the member's ownership interest in the company.
- By December 31st of any year in which an LLC/PLLC makes a contribution or expenditure, the LLC/PLLC must file with the New York State Board of Elections a statement of identity of all direct and indirect owners of the membership interests in the company and the proportion of each direct or indirect member's ownership interest.
Contact Scott Hobson with any questions.