SB115 (2017) Detail

Relative to political contributions made by limited liability companies.


SB 115  - AS INTRODUCED

 

 

2017 SESSION

17-0977

03/01

 

SENATE BILL 115

 

AN ACT relative to political contributions made by limited liability companies.

 

SPONSORS: Sen. Feltes, Dist 15; Sen. Fuller Clark, Dist 21; Sen. Hennessey, Dist 5; Sen. Kahn, Dist 10; Sen. Lasky, Dist 13; Sen. Soucy, Dist 18; Sen. Watters, Dist 4; Rep. Rosenwald, Hills. 30; Rep. Shurtleff, Merr. 11; Rep. McConnell, Ches. 12

 

COMMITTEE: Election Law and Internal Affairs

 

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ANALYSIS

 

This bill requires that a political contribution by a limited liability company be allocated to members for purposes of determining whether a member has exceeded the contribution limits.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

17-0977

03/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT relative to political contributions made by limited liability companies.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Legal Status of Limited Liability Company.  Amend RSA 304-C:19, I to read as follows:

I.  A limited liability company formed under this act shall be a legal entity separate and distinct from its members, except that political contributions made by a domestic or foreign limited liability shall be allocated to the members of the limited liability company, as provided in RSA 664:4-c, for the purpose of determining compliance of donors with the contribution limits set forth in RSA 664:4, V.

2  New Section; Contribution by Limited Liability Company.  Amend RSA 664 by inserting after section 4-b the following new section:

664:4-c  Contribution by Limited Liability Company.  For the purpose of reporting contributions and determining whether a person has exceeded the contribution limits set forth in RSA 664:4, V, a contribution made by a domestic or foreign limited liability company shall be attributed to its members as if the contribution were made by the members.  For a single-member limited liability company, the entire contribution shall be attributed to the member.  For a multi-member limited liability company, the contribution shall be allocated to the members on the basis of each member's percentage membership interest in the company.  If a member of a limited liability company is itself a limited liability company, the portion of the contribution allocated to that member shall be allocated among its members on the basis of their percentage membership interests, and shall be attributed to those members for the purpose of reporting contributions and determining whether those members have exceeded the contribution limits set forth in RSA 664:4, V.  When a limited liability company makes a contribution, it shall provide the recipient of the contribution with the names and addresses of all members, and the names and addresses of all members of any member that is itself a limited liability company, and the amount of the contribution attributed to each member, or the member's members, as applicable.

3  Effective Date.  This act shall take effect January 1, 2018.

Links

SB115 at GenCourtMobile

Action Dates

Date Body Type
Jan. 31, 2017 Senate Hearing
Feb. 23, 2017 Senate Floor Vote

Bill Text Revisions

SB115 Revision: 1752 Date: Jan. 24, 2017, 11:26 a.m.

Docket

Date Status
Jan. 19, 2017 Introduced 01/19/2017 and Referred to Election Law and Internal Affairs; SJ 5
Jan. 31, 2017 Hearing: 01/31/2017, Room 102, LOB, 10:00 am; SC 8
Feb. 23, 2017 Committee Report: Inexpedient to Legislate, 02/23/2017; SC 11
Feb. 23, 2017 Inexpedient to Legislate, RC 14Y-9N, MA === BILL KILLED ===; 02/23/2017; SJ 7