We deserve a democracy where each of us is represented and has a voice — and a government that works for every American, not just the wealthy few. Limiting the amount and source of campaign contributions is one of the most common tactics for regulating money in politics.
On January 24th, 2019 Governor Cuomo signed into law a significant overhaul of the ‘LLC loophole.’ LLCs will now be subject to the same campaign finance laws all other corporations follow. LLCs are now subject to the corporation spending limits of $5,000 a year, and if they make political contributions they must file with the Board of Elections and include the names and holdings of all direct and indirect owners and members.
Common Cause/NY has been a longtime advocate of closing the loophole.
A Demonstrated Need for Reform A 2016 Common Cause/NY analysis found that from 2005 through 2014, Glenwood Management contributed over $12.8 million to New York State candidates and committees. But, direct contributions made by the company itself, or through individuals such as CEO Leonard Litwin, made up only 10% of the spending overall. The contributions made by at least fifty (50) coordinated LLCs steadily increased from $1.1 million in 2008 to over $2.5 million in 2014. In 2014, direct contributions made by Glenwood Management and affiliated individuals accounted for less than 2% of Glenwood’s $2.6 million total giving.