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News & Press: NYS News

New PAC limits and reporting requirements for LLCs and PLLCs

Wednesday, September 18, 2019  
Posted by: Amber Carpenter
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Update from the NYSAPLS LS PAC:

New limits and reporting requirements for Limited Liability Companies

 

As of January 31, 2019, new laws govern how much Limited Liability Companies and Professional Limited Liability Companies (PLLCs) may contribute to political candidates and political action committees (PACs) in New York State:

 

  • LLCs are now limited to an aggregate $5,000 annual contribution limit to all PACs
  • All contributions made to a PAC by an LLC must be reported by the PAC in proportion to the member’s ownership interest in the company
  • By December 31st of any year in which an LLC makes a contribution, the LLC must file a “Statement of Identity” to report all owners and their percent share in the company.

 

How does this affect you?

If you are the owner of an LLC or PLLC and have made a contribution to our PAC on or after January 31, 2019, you will need to download and complete a “Statement of Identity” form and submit it to the NYS Board of Elections. You must also disclose owner names and percent shares with our office for our PAC’s record keeping as well. The Statement of Identity form can be found at https://www.elections.ny.gov. (Direct link: https://tinyurl.com/SOI-download)

 

 


NYSAPLS, Inc.
146 Washington Avenue
Land Surveyors Building
Albany, NY 12210
518-432-4046 -- (f) 518-432-4055
info@nysapls.org

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