Proposed Bill Would Limit LLC Contributions to $5,000
Friday, August 20, 2010
An investigation by WNYC has found that Attorney General and gubernatorial candidate Andrew Cuomo has been accepting large amounts of money from limited liability corporations, a practice that is legal but is widely believed to skirt the intent of campaign law.
Assemblywoman Joan Millman of Brooklyn is sponsoring a bill to close the loophole on LLCs donating huge sums of money to political campaigns in New York. She says she hopes Cuomo will rethink his decision to take so much money from these groups.
"It’s nothing illegal that he’s doing," she says. "I think maybe he needs to take a look at it again and perhaps when we circulate this bill again we’ll have a conversation with the new governor and make them see the wisdom of, you know, not doing that."
Currently, LLCs are allowed to donate up to $150,000. Under Millman's bill, they would be limited to just $5,000.
Closing the LLC loophole is part of Cuomo's campaign agenda, but a review of financial statements by WNYC shows his campaign has accepted hundreds of thousands of dollars from them. Millman's legislation was sent to the to the Assembly Rules committee on June 11, where it is awaiting further consideration.